Do you know that the way your business handles data privacy and security issues is going to change dramatically from May 25, 2018? The upcoming GDPR changes to be implemented in the EU law would enforce this.
What is GDPR?
GDPR stands for General Data Protection Regulation. The GDPR changes would set a new standard for data security and privacy throughout the European Union and beyond. In fact, it would include data privacy and security as an integral part of the fundamental human right for every European Union citizens.
In other words, the changes would give EU citizens an excellent control over their personal information. It would also make the regulatory platform for businesses interestingly simplified. It is noteworthy that businesses within and without the EU would be impacted by the GDPR changes. For businesses outside the European Union, the GDPR changes would affect them provided they collect the personal information of any EU citizen.
What the GDPR Entails
The General Data Protection Regulation entails a number of rights to EU citizens. Some of these rights are shortly outlined.
- Right to access: This implies that an individual can request their personal data and ask to know how the data is used. The company must provide an electronic copy free of charge.
- Right to data portability: This implies that an individual can transfer his or her data from a provider to another.
- Right to be forgotten: This means that a company should be able to delete the personal information of a user if they are no longer customers or if they remove their consent from the company.
- Right to be informed: This implies that a customer must be informed and must freely give his consent before his data can be gathered.
- Right to have information corrected: This means that an individual can update an outdated or incorrect data.
- Right to be notified: This means that an individual must be notified within 72 hours in case of any data breach which would compromise the person’s data.
The GDPR means a lot to businesses. Essentially, it would dramatically change the way businesses handle personal data. The regulation also stipulates that every organization working with personal data to employ a data controller or a data protection officer to handle the GDPR compliance.
An organization can run into a serious fine if it fails any of the aforementioned regulations and requirement of the GDPR. Any organization which fails to comply with each GDPR regulation would be fined about 4% of their annual global revenue or 20 million Euros (whichever of the two is greater).
A research conducted by Dell and Dimension Research revealed that up to 80% of businesses know very little or nothing about GDPR. In fact, up to 97% of businesses do not yet have a plan for their businesses for the GDPR, even though it is barely one month away from now. You may think that GDPR is just an IT issue, but it is not. GDPR would affect every aspect of the business including the sales and marketing.
Wiremo is dedicated to helping you to improve your business, especially your customer relationship. We can assure you that Wiremo will be in full compliance with GDPR. And by providing information on hot issues such as GDPR, Wiremo can help you avoid major pitfalls in businesses and ultimately grow your business in a remarkable way.
