In the humdrum world of regulatory compliance, the European Union’s General Data Protection Regulation (GDPR) is equivalent to the storm of the century. An endless stream of forecasts has been warning about imposing fines and sanctions for any business caught off-guard. And millions of articles, white papers, and studies have been written by hundreds of analysts, thought leaders, and industry experts sharing their advice and best practices for successful compliance.
With the deadline coming in a matter of weeks, you would think that every company doing business in the European Union is ready to go, right? Not even close. In fact, 85% of companies based in Europe, the Middle East, and Asia are unlikely to be compliant in time – as well as many of the regulators who will police them.
Ready or not, here’s what you need to know about GDPR
Whether your business is already compliant or still scrambling to cover the basics, data protection is not a topic that can be taken lightly. In 2017, the Identity Theft Resource Center (ITRC) reported 1,293 breaches that put more than 174 million records at risk – a 45% increase over the previous year. And 2018 is shaping up to be no different as news headlines continue to detail malicious events such as lost information, misappropriated records, hacked applications, and ransomed systems.
The GDPR is designed to reflect our world where our personal data is captured, shared, and analyzed continuously by known and unknown entities. With this latest set of reforms, personal data privacy and consent will become our best weapon against misuse and exploitation.
Will the GDPR be your 2018 privacy firestorm or game-changing strategy for data protection? Check out the infographic below to take stock of the fundamental questions and readiness efforts you should consider now to secure compliant security practices for every area of your business.