We live in a world where frictionless data-sharing and access to data can deliver numerous competitive advantages and spur business growth. But any gains can immediately turn into massive liabilities if sensitive data is stolen or falls into the wrong hands. The business challenge is to reap the benefits of seamless data transfer while at the same time monitoring and protecting its flow so that customer data always remains private and secure.
To that end, the European Union is about to codify into law what were once merely directives, the GDPR or General Data Protection Regulation. As part of the EU’s larger Human Rights Act, the new GDPR law will ensure consistency across the EU when it comes to the integration and implementation of data protections and privacy for all citizens of the European Union.
“We are information, and our whole lives are governed by it,” according to Alphus Hinds, Manager of Cyber Risk, Security and Compliance for Tungsten Network. Because information security is so vital in our everyday lives, he says, the GDPR is intended to ensure the “inalienable right of an individual’s privacy.” To accomplish this, the GDPR has been given the authority and the teeth to levy significant fines in the event a company has a breach and personal data is compromised. Companies can expect to pay 4% of their global turnover or 20 million euros if convicted of security or privacy breaches under the new law.
Mr. Hinds says that companies should prepare for the implementation of GDPR by assessing where they are with current data security policies and protocols and to do a scope gap analysis of what remains to be done. Businesses cannot afford to simply sit still until the directive becomes law. “You won’t be able to be in certain supply chains,” advises Hinds, “unless you are GDPR ready, and then eventually compliant.”
For more information on the scope of the GDPR, to see how Tungsten Network is prepared to address this new law, and to learn more about the implications for your supply chain, watch this informative video featuring Tungsten Network’s Manager of Cyber Risk, Security and Compliance, Alphus Hinds.