GDPR is also known as the General Data Protection Regulation. It is set to be introduced in May 2018 and will radically change the way businesses manage personal data. For companies that collect personal data, they will soon have to be more transparent about what they are collecting, why they are collecting it, and how they are keeping it safe. Failure to do so could lead to legal action. Worryingly, 97% of companies don’t have a plan in place for when the new rules take hold. Don’t let your company be one of them!
Company bosses and IT departments need to take action now to ensure that they don’t fall foul of privacy laws after 25th May 2018. According to the GDPR, personal data is any information related to a person, such as their name, phone number, email address, photograph, IP address or medical information. With data hacks on the rise, it’s more important than ever before to ensure you are storing this information correctly.
Under the new laws, individuals will have the right to access the information you store on them, they’ll have the right to be forgotten. They’ll also have the right to transfer the data you hold to a new service provider. They will have the right to be informed of when data is to be collected. They will also have the right to have their information corrected. They'll have the right to object to their data being used, and finally, they’ll have the right to be notified that their data has been collected.
That’s a lot of rights that companies will now need to be aware of. For businesses, it means that they can no longer collect marketing information without being open and clear about what it is being used for. You’ll also have to ensure you have a construct in place to ensure consumers can correct, move or erase the information. There are huge penalties lined up for companies and organisations failing to comply with these laws, including fines of up to 4% of annual global revenue, or 20 million Euros, whichever is greater.
While GDPR might start out as an IT issue, and independent contractors would be wise to take out IT contractors insurance
to protect against loss, it’s going to affect every area of business. From sales and marketing to customer relationship management, GDPR is going to change the way companies do business.
We’ve collected some information to help you get your company ready for GDPR.