14th September 2016
In anticipation of the new EU data protection laws coming into force in 2018, we are launching our dedicated service to help businesses navigate the complex process of compliance.
May 25th 2018 might seem like a long way off, but that’s not the case if you take a good look at the GDPR and the complicated steps businesses have to take to comply.
It has taken years to finalise the 200 plus pages of detailed legal text that constitute the GDPR: it may take all the time you have left to prepare your business for even partial compliance.
The new EU General Data Protection Regulations (GDPR) signify the most radical and sweeping changes to data protection for twenty years. This legislation represents a single law that will replace the 28 that are currently in place across the separate European countries.
Penalties for non-compliance are fierce, with a maximum of €20million or 4% of annual turnover, whichever is greater. Fines of this size, on top of the costs of data recovery and reputational damage, could write a business off for good.
The right to compensation
Assuming slack policing of the new regulations is a mistake. According to Article 77 of the GDPR: “Any person who has suffered material or immaterial damage as a result of an infringement of the Regulation shall have the right to receive compensation from the controller or processor for the damage suffered.”
This means that any individual who has suffered due to their data being compromised while it was being stored on or passing through your networks can bring a case against your company.
It could only take one complaint to put your business under investigation or lead to those hefty fines that all businesses will want to avoid.
The Sovereign solution
Achieving GDPR compliance is not a quick, simple or one-off process. It is this complexity that is pushing business leaders’ heads under the sand.
The issue, however, is not going to pass by or vanish; it is simply too important to ignore. Demonstrating that you have taken every reasonable precaution to protect personal data is the only way to avoid penalties.
We have devised a clear road map to help businesses prepare for May 2018. Included are six steps that all businesses need to follow, outlining key tasks and processes that should be implemented at every stage.