In the European Union, all businesses must comply with emerging laws associated with their IT systems and how they store personal data. The regulation requires new implementations that lower the odds of identity theft and access to the information. IT vendors can provide solutions for all businesses that aren’t compliant with the new standards.
When Does the Regulation Start?
The General Data Protection Regulation issued in the European Union will be enforced as of May 2018. The regulation requires all businesses to seek solutions to hide personally identifiable information in all of their systems. The focus of the regulation isn’t databases only. The information is also found in business domain-based email services, enterprise content management systems, and file sharing services. However, the regulation applies to onsite and cloud-based database systems as well.
What is the Overall Goal of the Regulation?
The primary objective of the federal regulation is to protect all personal data that is shared and/or transmitted online. It introduces methods for preventing data breaches that could lead to any unauthorized or unlawful use of the information. The right solutions are outlined in the regulation and predict behaviors that could lead to stolen information from businesses and their clients.
Who is Required to Follow the Regulation?
Any businesses that are operating in the European Union must be compliant with the regulation. Companies that transfer or process personal customer data must follow all requirements highlighted in the federal regulation. Any company that fails to follow the regulation could face hefty fines. The standard fine for violations is around 4% of the company’s annual revenue.
Who Maintains Compliance for Each Company?
Under the regulation, each company must hire a data protection officer to track how the personal data is used, processed, and transferred. The officer must perform internal recordkeeping for the data and report it according to the stipulations in the laws.
In the European Union, a new law has passed that holds all companies accountable for any unethical use of personal data. The laws require the companies to implement stringent practices that stop identity theft. Companies that need to acquire a GDPR compliance solution should contact a consultant right now.