You must know about the GDPR by now. The European Union’s new General Data Protection Regulation. And that organisations have to become compliant with it by May 2018 or expose themselves to the risk of hefty fines.
Recent research by multinational software corporation CA technologies’ indicates that with little more than six months from the GDPR coming into force, less than half of all organisations have a compliance programme in place.
All organisations, even small businesses, will need to demonstrate that their personal data collection, storage and processing systems comply with the data protection principles set out by the new law. This might be easier for large organisations, which already have systems in place that can be leveraged to meet the new requirements.
But SMEs are going to struggle. In many cases, they’ll need to implement new processes and controls to manage consent, erasure and breach procedures stipulated under the GDPR. Industry experts say it’ll take around three months for an organisation to devise a GDPR compliance programme and another three months to actually implement it.
But regulatory technology, better known by the buzzword RegTech, is there to assist SMEs in becoming compliant. RegTech services are designed to help organisations comply with regulatory requirements in an efficient and economical way. For SMEs, GDPR RegTech can radically reduce planning and implementation, not only reducing their risk exposure, but saving them time so they can focus on their core business.
An organisation using GDPR365 can easily reduce the preparation and planning time by a couple of months. Our service will help your organisation identify the weaknesses in their current processes and controls, so that specific solutions can be implemented where needed. It’ll create a tailored compliance programme for you to follow and it’ll enable you to demonstrate your accountability because it documents the entire compliance process in line with the requirements of the GDPR.
You shouldn’t see compliance as a burden. With GDPR365, you can turn it into an opportunity to improve your data management practices and secure your company against brand-damaging data breaches.