A new era of digital privacy began on 25th May 2018. The General Data Protection Regulation(GDPR) was sketched for the European Union. It focuses on the protection of personal data of EU citizens handled by organizations all across the world. New changes made to the previous Data Protection Directive(DPD) has a direct impact on the personal data collected & managed by the companies including IP addresses, genetic and biometric data; covering all bases.
GDPR does definitely shackle most enterprises but gives the consumer a trust to build within the enterprise. Companies will now rely on targeted ads, leverage social media, and other online tools to attract new customers. Marketers will now have to focus on data access, data focus and data permission. Despite the paperwork, the process can help increase client retention and bring in new clients if used appropriately.
New Requirements for Compliance:
- Privacy by Design (PbD) and Consent: This focuses on the minimization of data collection, retention by organizations and rules about proper consent from the consumers while processing data.
- Global Reach: According to the new law, all rules apply to every organization deals with the collection of data of EU consumers irrespective of its physical presence in EU.
- Right to data: The consumers have the right to receive a detailed copy of the personal data stored by the company. They can also ask to delete the data permanently. This requires the companies to manage the data efficiently.
- Breach and Fines: Companies need to report a data breach within 72 hours and this may result in a penalty of about 4% of the company’s global revenue. Watch out!
At its core, the regulation has designed a new set of orders that will enable EU citizens to exercise more control over the personal information they share. GDPR aims to secure data threats and build a simple network for businesses and users operating across the European Union. This will not only decrease the anxiety of consumers sharing their data online but will undoubtedly strengthen the client-consumer satisfaction.
Ready, Set GDPR Ready: How do we prepare you to be compliant.
The data protection regulation created a single set of rules for all companies that are doing business across the European Union. This ultimately means that nearly all large companies will need to gear up for the wave of changes GDPR brings. Under the new rules, the companies that fall under its purview should manage the data stored with extreme security and are obliged to ensure that there are no threats and misuse of the information.
- Upgrading your CLM system: With the CLM tool your enterprise can create, manage, examine and suggest changes to the gaps found in the contract management process. The CLM system will adapt and pave way for GDPR compliance. Additional capabilities that can be leveraged out of this tool include:
- Analyzing the current agreement templates and modify them to ensure future agreements fall in line with the new requirements.
- Creating a robust clause library of privacy clauses with GDPR compliances and ensure that the existing template structure is maintained.
- Creating a dedicated portal for the processors can sign and update their GDPR compliant.
- Managing Third-Party Agreements: You need to upgrade the existing contracts and agreements with suppliers and also question their data protection provisions. You also need to ensure if these third-party organizations are respecting the norms set by the GDPR was per Article 28. Well, what is that? Hmm.
- GDPR Dashboard: Companies need a long-term strategy. DPO’s (Data protection officer) can utilize Dashboard to have an overview of authoring and management.AI driven Monitoring of contracts and notify personnel for change is much more streamlined. The Dashboard allows you to be compliant ready for tomorrow with ease. This would help DPO’s to keep their enterprise GDPR compliant.
Here at Standav, we help you surf through the GDPR wave so that your process remains unaffected with the coming of a new compliance. Let us help you to be READY. So do connect with us we are just a phone call away.