News & Views from MyExpensesOnline

Data Protection – Evolution not Revolution


The GDPR (General Data Protection Regulation) has landed in the EU, and now more than ever, businesses of all shapes and sizes are more aware and conscientious of how and for what purpose they are collection personal data.

 

However the GDPR does not simply govern the collection of data, but also the ongoing management of the data. From storage and security, to retention and disposal, and this has highlighted one very scary prospect; most EU businesses will collect, process and store far more personal data than they can handle.

 

A recent study conducted by Gemalto found that;

·         65% of organisations can’t analyse or categorize all the consumer data they store

·         68% of IT professionals believe their organizations are failing to carry out all procedures in line with data protection laws

 

Many people have come to think of the GDPR as another administrative headache, like the Health and Safety regulations – unnecessary paperwork, yet this could not be further from the truth.

 

Much like health and safety, it may seem like a tedious topic and very time consuming, but it is absolutely essential to comply for many reasons;

·        The reality is that the old data protection laws have been in desperate need of a revamp for some time. Technology has advanced so quickly in the last 2 decades, that the law could simply not keep up

·        Good data management, under the GDPR builds confidence in all of your business relationships with customers, suppliers, and even employees. By complying you are effectively saying “you can trust us with your personal information”

·        Fines for non-compliance. We have all seen the potential of the new fines imposed by the GDPR. Can you afford to not comply?

·        Non-compliance can have other disastrous consequences for the reputation of a company, as we have seen from the media frenzy surrounding Facebook & Cambridge Analytica, The Carphone Warehouse, Ticketmaster, and even HMRC!

 

Our data protection laws have evolved – bringing them up to date, whilst focusing on the privacy rights of data subjects.

 

So if you are guilty of GDPR procrastination, then now is the time to consider how you can manage your daily data responsibilities.