GDPR: A disruptive wave for every business across all domains!
Internet is evolving faster than light. Businesses are no longer traditionally operated. Customers are no longer defined by geographical boundaries. With coalescing economy, come greater responsibilities. Are you ready for the change?
GDPR is reshaping the digital economy and is encompassing other industries as a whole. It’s not only Facebook, Google or other internet giants but also health-care providers, hospitality businesses, insurers, banks and other trades dealing in personal data.
Every country fall under its grip
GDPR was formulated in the European Parliament, but its applicability extends to practically every country around the world.
For instance, a European citizen flying using a regional brand of carrier from Oman immediately triggers the data security compliance for the regional airline of Oman. As a result of this transactional as well as informational exchange, the onus to ensure adequate compliance is on the airline carrier.
In other words, any business or organization, whether for profit or charitable that collects personal information of a citizen from EU is liable to ensure conformity with GDPR.
There is no denying that GDPR will not impact your business, and it’s better to play safe than be sorry.
Penalties big enough to wipeout businesses
One of most shocking penalty to be ever seen in Data security will have your hair stand on end.
As per GDPR, if a violation is of a grievous nature, the penalty shall be no less than 20 million pound or 4% of annual global turnover, whichever is higher. In essence a bigger business will entail a bigger fine by the virtue of its gigantic revenue.
An infallible protector of your business
The first step to ensure that your business rides the wave of GDPR is to run internal awareness campaign. For businesses to quickly impart actionable advice to there employees, it is life-saving to enroll each of them in a certified GDPR training course.
In a study conducted among 800 IT business professionals from companies who are directly responsible of data privacy of citizens of EU, more than 80% were mum on impact of GDPR.
You can turn a blind eye to the Data Protection Policy only for so long. Many businesses are piloting a plane without safety landing gears. A closer look into GDPR’s impact on micro as well as macro level in your organization can prevent major financial catastrophe.