Another new regulation from EU? Will this affect us? It seems so complex. Can’t we sit back and wait for the first fine to come and then act if necessary?
We have to care and act – start planning now!
I think we have to care and act now. Start planning now so you get it right. The GDPR is a good thing. This is not another EU thing about the right size of a strawberry or how bendy a banana could be. This is about the fact that all individuals should feel safe giving their personal information to business. Cyber security is a good thing, not protecting our data and our customers’ data is a bad thing for us. Credit card numbers and personal data leaks out from companies worldwide with large business risks, companies don’t just face fines or reputational damage, they can have their permission to issue credit cards and other financial services products withdrawn by the regulator and responsible employees faces imprisonment. We can only guess whether a company needs to be GDPR compliant or not to be allowed to compete in a bidding process?
What is the General Data Protection Regulation (GDPR)?
The General Data Protection Regulation (GDPR) is a new legal framework approved by the European Union (EU) to strengthen and unify data protection of personal information. GDPR will replace the current data protection directive (in Sweden Personuppgiftslagen, PUL) and applies from 25 May 2018.
Who is affected?
GDPR has global reach and applies to all companies worldwide that process personal data of European Union citizens.
Identify personal data and protect it
GDPR widely defines what constitutes personal data. Organisations needs to fully understand what information they have, where it is located and how it was collected. Discover, classify and manage all information, both structured and unstructured data and secure it.
Data breach notifications
GDPR requires organisations to notify the local data protection authority of a data breach within 72 hours after discovery.
Do you have the right to store this information? Explicit consent
Personal data should be gathered under strict conditions. Organisations need to ask for consent to collect personal data and they need to be clear about how they will use the information.
The right of access
Individuals will have the right to obtain access to their personal data and other supplementary information in a portable format. You must provide a copy of the information free of charge. GDPR also give individuals the right to have personal data corrected if it is inaccurate or incomplete.
The right to be forgotten
GDPR also introduces the right to be forgotten, or erased. Data are not to be hold for any longer than absolutely necessary, and data should not be used in any other way than it was originally collected for.
Penalties and fines
Companies that fails to protect customer data adequately will face significant fines up tp €20m, or up to 4% of global turnover. This should be a serious incentive for companies to start preparing now.
First steps to GDPR compliance
- Create awareness and allocate resources
First step is to make sure that your organisation is aware of the new EU legislation and what it means for you. How will your business be affected by the new regulation? You need to allocate enough resources, make sure you involve decision-makers and stakeholders in your organisation. Last, but not least, start today!
- Content Inventory
The second step is to discover and classify all your information to identify exactly what types of personal identifiable data you have, where you have it and how it is collected.
Findwise can assist you in this process, please contact Maria Sunnefors to hear more.