With the evolution of technology, the risk of data security has also increased. Due to recent developments in data fraud, governments and businesses across the globe have become cautious. In light of all this, Europe is implementing the General Data Protection Regulation (GDPR) across the region. GDPR is a firm stride taken by the European Union to give residents a transparent view of how and where their data is being used.

With less than a week to go for Europe to enforce GDPR policies, many businesses are still not ready to comply with all the policies and are in a state of flux. As per a survey by EY’s Forensic Data Analytics 2018, 60% of Indian respondents are unaware of GDPR, and only 13% have a plan and are working towards GDPR compliance. It is also known that some Indian companies are implementing the GDPR framework after constant insistence by European clients.

On May 25^th, the European Union’s General Data Protection Regulation (GDPR) will go into effect, superseding the UK’s Data Protection Act, 1998. This radical law will bring about changes in the data privacy and protection landscape for any organization processing data of EU residents.

The predominant objective is to give EU citizens back control of their personal information. Here, the consumer is put in the driver’s seat, and the responsibility of complying with it falls upon business organizations. Once GDPR takes effect, it will integrate all data protection regulations throughout the EU and place an array of obligations on organizations to be more accountable for consumer data usage.

Though ample information is available across the web on this new regulation, many business enterprises are still struggling and looking for the best way to measure and implement GDPR compliance.

Here is a quick compliance guide to help transform this regulation into an opportunity for you:

1. Check your database:

• Classify the data: First, determine which data is regulated and ascertain whether it falls under the GDPR category. Then, determine who has access to it, who shares such data, and which applications process the same.
• Prioritize: Now that you have classified the data, start with private and critical information and assess the risks associated with it. Implement security measures for such data containing core assets and incorporate backups.

2. Update your IT security strategy: Before you update your Information Technology, review its procedures and mandates. Scrutinize how data is requested and processed across various departments like HR and accounts. Update procedures across all departments and redesign strategies to ensure minimal personal data is processed and stored. Smart and automated IT procedures need to be incorporated.
3. Communicate privacy information: Ensure that all key people in your business are aware of the changes in data security. Strengthen and educate your workforce to ensure all policies are developed and upgraded consistently.
4. Reform data controllers’ rights: A data controller is any person or organization that collects or processes information for your business, also known as a third-party vendor. If your organization outsources personal data collection or processing, create a checklist of all the rights reserved with such vendors. Update contractual terms and policies to protect information in case of data breach instances.
5. Seek data consent: Review the existing policies on how you seek consent from your audience and redesign them to meet compliance regulations. Decide on various modes to verify parameters like an individual’s age, the requirement of parental guidance, or consent for any information-processing activity.
6. Appoint a Data Protection Officer (DPO): Banks and financial institutions processing large amounts of data and transactions need to appoint a DPO. This will simplify organizational procedures, as the DPO will be responsible for compliance and assessment laws of data protection.

These steps will help your business get on the right path for new regulation compliance and minimize penalties and risks in the future.

Businesses around the globe are implementing privacy control policies and conducting internal audits to check and design security strategies. Various businesses, like IT firms, are seeking ISO27001 certification to align with the new GDPR legislation. On the other hand, financial firms are conducting tests on existing data protection procedures and policies to mitigate risks associated with data security. McKinsey mentioned in a survey that many companies in the US, Asia, and the Middle East are opting for sizeable compliance programs to avoid data breaches.

InfrasoftTech, a pioneer in FinTech digital solutions, is geared up to comply with the new data protection regulations by the European Union. If you have any queries, please reach out to us at marketing@infrasofttech.com.