Is the measured, constructive period over? Will year two bring about a more enforced GDPR?
We are now nearly a year on since the General Data Protection Regulation (GDPR) was brought into law by the EU on May 25th, 2018. Though only implemented in Europe, its effects have been far-reaching around the globe.
Fear over nothing?
There had been many whispers about the effect this legislation might or might not have. With some major companies rolling the dice that the huge fines (over 20 million or 4% of the company’s annual turnover) talked about before the legislation came in, would not be fully pushed through.
Big fines at the top
Many DPO’s worse fears were realised in January of this year when Google became one of the first high-profile companies to be hit with a GDPR fine, when they were hit with a €50 million fine for a breach of their data .
“France’s data protection office (CNIL) found the US search engine guilty of breaking EU privacy laws by failing to obtain adequate consent from users when processing their data for the purpose of personalised advertising.” (https://www.irishtimes.com/business/technology/google-hit-with-50m-fine-for-data-privacy-breach-1.3765575)
Many different types of industries have been affected by these new data regulations. None more so than the Financial sector, who because of their global footprint and their massive stores of data on both people and corporations, are more sensitive to GDPR.
GDPR goes west
The US has also been heavily affected by many of the country’s most influential companies operating inside Europe as well as having a huge portion of their customer base in the European continent. So, inspired by Europe’s GDPR and driven by the continued rise in consumer data breaches and growing privacy concerns, the State of California has set a new precedent with the passage of the California Consumer Privacy Act (CCPA).
“The move towards a federal regulatory model was triggered by California’s introduction of a new law last year to regulate data privacy. Modelled in part in the EU’s landmark GDPR law, the California Consumer Privacy Act is due to come into effect early next year.
While the US was traditionally perceived to be behind the European Union when it comes to regulating data privacy, the introduction of the Californian law has prompted a scramble in Congress to come up with a federal privacy law.” (https://www.irishtimes.com/business/health-pharma/data-protection-commissioner-opens-investigations-into-17-tech-multinationals-1.3877850)
How to ensure that your company is GDPR audit ready!
If this unstructured data is managed effectively it can not only dramatically reduce company risk, but it can also hold the key to future company growth by increasing operational efficiency, productivity, improving customer support and loyalty and even improve employee engagement.
Waterford Technologies provides a premium data indexing and management solution that dives deep into the unchartered territories of file and email data and gives organisations easy ways to help keep their unstructured data accessible, ensuring that risks around compliance are kept to a minimum. This will give organisations far better insight into the information that they own and how best they can utilise it.
ComplyKey is our compliance suite which contains both SISCIN & MailMeter, which combined helps you solve your unstructured issues and possible data breaches.
It is is a cloud-based compliance and data management platform where you can find every single email and file in your organisation, conduct e-discovery, freedom of information and DSAR’s searches directly from your desktop anywhere. The platform gives you the ability to narrow the scope of your search across email and file data using clearly defined criteria.
Contact our team of experts today to arrange a free demo.