What Is Gdpr? Are You Ready For The Challenges?

By Author: Udaya
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What Is GDPR? Are You Ready For The Challenges?
When I hear about GDPR on the news and the tension it has created, the only thing that comes to mind is, this has happened before. This is not the first time any regulation has created a stress-filled environment. You might recall, some ten years ago, a similar panic followed when SoX (The Sarbanes Oxley Act 2002) came into effect. Now, the only difference is we are more prepared.

What is GDPR?
GDPR (General Data Protection Regulation) aims to protect how personal data is stored, processed, and destroyed (when it’s not in use anymore). Here, EU individuals gain control over the way their personal data is being used by any organization.
The current EU Data Protection Directive will be replaced by GDPR from May 2018. The major difference that GDPR brings when compared to the current framework is that it is a regulation. A directive does not legally bind, it only recommends, regulation is a legally binding law.

GDPR and SOX
Similarly, when we talk about the connection between SOX and GDPR, then the biggest one is both frameworks are constricted ...
... to a specific region. But, this does not really reduce panic spread globally because so many organizations operate in the EU. All these organizations will be directly or indirectly affected.
Just like SOX posed a great challenge in front of everyone, is GDPR also going to be equally tough? No, after SOX the technology has taken an altogether new turn. With this massive technological development, the transition will be rather easy and smooth. The good thing is GDPR functions in the same way. You just need to maintain documentation to prove everything is compliant and correctly placed in the system.

How can GDPR affect Indian organizations?
Many Indian organizations are worried about the impact of GDPR. Staying compliant and protecting personal data is a real task. It is quite evident that no Indian organization will be able to do business with EU if they do not follow GDPR terms. Moreover, it is a necessity for organizations operating in multi-location and doing business with EU firms to maintain GDPR compliance.
The GDPR framework will apply to most of the businesses. As these organizations work with European companies or handle personal data of EU citizens. Irrespective of the industry, many companies will get involved, and there’s no option other than GDPR compliance by 25th May 2018.

Already India is missing from the list of countries approved for data portability and transfer, GDPR will be an extra challenge. So it becomes important for Indian organizations to plan and get ready for-
GDPR compliance activities and measures
Tight security across all data storage systems
Procurement of cyber insurance cover
Analyzing risks and data breaches in the system
Examining who can access the user data
Establishing and creating a personal data inventory
Getting prepared for penalties if the worst happens

Read more: https://togglenow.com/blog/what-is-gdpr-are-you-ready-for-the-challenges/

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