GDPR (General Data Protection Regulation) as proposed by the European Commission was proposed to promote data protection for all individual residing in the European Union (EU). This a new EU Regulation significantly enhances the protection of the personal data of EU citizens and increases the accountability of organisations who collect or process personal data of EU citizens. The regulation built many requirements for data privacy and security, and adds harsher penalties for violations.
The primary objective of the GDPR is to give citizens back control of their personal data. If you control or process the data of EU citizens and based in or outside of the EU, the GDPR will apply to you.
Under the GDPR, if your organization suffers a breach of information assets related to EU citizen, the entity would be charged heftily and would need to notify the local data protection authority and potentially the owners of the breached records resulting in loss of reputation
GDPR’S Data Impact Assessment is based on multitudes of key GDPR articles that addressing the activities required to safeguard the EU citizen data. The domains specified under these are as follows
- Defining a privacy governance program
This helps to formulate a governance structure along with roles and responsibilities for officers to manage the program on an ongoing basis.
- Defining and managing policy
A framework of data management policy with procedures and guidelines consistent with applicable laws and regulations are put forth.
- Identifying key data aspects
Analysing the location of privacy data and identifying the flow of data across borders
- Information Security
Analysing the policy and procedures meant to control and regulate the business security considering the vital aspects of risk management.
- Processor accountability
Regulations and privacy contracts are needed amount third parties in order to mitigate risks involved between movement of data across multiple parties
- Individual rights management
Individual consent should be ought to be efficiently processed by implementing mechanisms of access deletion and portability.
- Developing strategy for to incorporate sensitive data privacy controls and impact assessments throughout the entire data lifecycle
- Incident Management
As per the specifications of GDPR, incident response process and controls must be implemented as a failsafe during an information crisis.
- Awareness Training
Conduct onsite training to create awareness among the individuals regarding privacy management
- Gauge the GDPR Compliance Posture of your Organisation.
- Avoid Penalties and Data Breach Complications:
Companies who are GDPR compliant significantly reduce their risk of a breach, and therefore, their exposure to penalties and reduce the reputation loss.
- Increase in Business:
When your business in GDPR compliant, you can demonstrate to your customers that their information is secure with you.
- The enhanced customer trust will ultimately result in increased business.
- Improve Data Management:
While implementing GDPR, you will be identifying precisely what sensitive information you hold on about people. This will give the scope to minimize the data you collect and hold, better organize storages and refine data management processes.
- Protecting Image and Reputation:
Complying with the requirements of standard helps an entity to reduce reputation loss because if the data has been compromised, it has negative affect om business reputation.