The General Data Protection Regulation or GDPR, is a regulatory standard according to which businesses are obligated to protect the privacy and personal data of European Union (EU) citizens for all transactions that are carried out within the EU member states. The GDPR standard is intended to unify and reinforce data protection for all individuals that reside within the EU and to control the export of personal data outside the EU.
Concerns Associated With GDPR Compliance
- ·Businesses need to be prepared to adapt, test, maintain and demonstrate compliance with evolving GDPR requirements.
- Non-compliant businesses are liable to pay hefty penalties and can also be temporarily or definitively banned.
- Ambiguous terms and lack of clarity render GDPR compliance difficult to handle without professional assistance
According to the Netwrix 2020 Data Risk & Security Report, 61% of organizations that are subject to the GDPR collect more customer data than the law permits. By failing to comply with GDPR regulations, your company may fall victim to hefty fines and a tarnished reputation.
According to the DLA Piper law firm “DLA Piper General Data Protection Regulation (GDPR) Fines and Data Breach Survey.” January 2022. the report, Numerous European data protection supervisory authorities issued an estimated 1.1 billion Euros in GDPR fines since January 28th, 2021. This is a sevenfold increase compared to last year’s total.
The only way to understand your full obligations under regulations such as GDPR is to audit and identify what your data and information assets are, why they are needed, and how they are collected, processed, and retained.