GDPR Levies Heavy Fines Against Violators
Since the European Union’s General Data Protection Regulation took effect in May 2018, breach notifications have exceeded 160,000 in Europe, with imposed and threatened fines in the millions of dollars. These monstrous numbers are indicative of two factors — 1) regulators are taking action and 2) companies are not taking the regulations seriously. Keep in mind that GDPR will not be the only privacy regulation of its kind for long. Here in the United States, the California Consumer Privacy Act is bound to launch a wave of copycat regulations across the nation.
It isn’t easy to comply with such complicated regulations, but some businesses have it easier than others. For example, businesses starting from scratch can pull off privacy by design with new products, services and processes. But most companies have tons of data in silos, data lakes and other places, which doesn’t let them start from scratch.
To avoid penalties from violating GDPR or CCPA, there are some steps you can take. Be sure you understand what data you have, even legacy data. Identify business processes powered by data, and make sure you’re using data correctly in those instances. Fix any exposures you have, including stopping unnecessary data flows, updating business processes or adding tools to fix problems. Also, segment your data analytics to limit exposure.
If you have not yet begun preparing your business for achieving and meeting IT compliance regulations, you need to get on the ball. 2W Tech is a technology service provider specializing in solutions for the manufacturing industry. We have IT consultants on staff that specialize in cybersecurity and IT compliance and would be happy to assist you on your compliance journey. Give us a call today to get started.
Business Intelligence and Analytics for Epicor