General Data Protection Regulation (GDPR): The Road to Compliance
The European Union’s (EU) General Data Protection Regulation (GDPR), which took effect May 25, 2018, established a set of privacy and security mandates for organizations that store, process, transmit, or use personal data collected from EU residents.
Noncompliance may result in fines, class-action lawsuits, loss of customer trust, and a damaged reputation. Depending on the severity of the violation, fines may be as high as 20 million euros or 4% of the previous year’s global revenue. Organizations are also required to demonstrate continuous GDPR compliance and ongoing monitoring of their respective environments.
KEY FOCUS AREAS
Companies should focus on several key areas as they establish and mature practices related to GDPR compliance and implement associated controls. These areas include:
- Documentation of how the company processes personal data ─ what data is being processed and why ─ as well as who else besides your organization processes the data (e.g., third-party vendors)
- A review and update of IT security, data privacy policies, and incident response plans
- A determination if the company needs to employ or outsource a Data Protection Officer (DPO)
- Employee education and awareness training on security and data privacy
- Protocol for responding to requests from EU residents, such as those who want their personal data removed from the company’s systems
- Data inventory and mapping of the information tracked when a customer interacts with the company’s website
- A notice on the website that gives customers the option to consent to receive any marketing information or tools (e.g., cookies)
It can be challenging for organizations to understand the nuances as to whether they are required to be compliant and how to operationalize their privacy programs.
ADVANTAGES WITH COHNREZNICK
Our proven approach to helping organizations move toward GDPR compliance was developed by our Cybersecurity, Technology Risk, and Privacy leadership team based on their experience performing similar engagements to support our global clients and the international privacy requirements of various regions and countries. Our methodology is designed to help companies navigate the complexities surrounding GDPR compliance and to holistically assess their business processes and technology using a combination of technical methods and other techniques, to provide practical and feasible recommendations to help them comply.
Based on our extensive experience and deep knowledge of the regulations, our step-by-step process helps ensure that gaps against the GDPR requirements are identified and prioritized, enabling companies to progress toward their compliance goals.
InsightFed chief: Cyberattacks are the greatest risk to the financial sectorBhavesh Vadhani, Jeremy SwanCybersecurity is the responsibility of everyone participating in the economy. Read about the current risks and top threats financial institutions should watch for.
InsightVirginia’s new privacy law offers a preview into the future of privacy and complianceBhavesh Vadhani, Deborah NitkaRead how the new data privacy legislation compares with the CCPA and GDPR, what affected companies should do moving forward, and more.
InsightSupport rapid delivery of secure software with DevSecOpsBhavesh Vadhani, Thomas McDermott, Tauseef ShaikhThe DevSecOps software development model has security built into all phases of its lifecycle, which can help reduce flaws and the costs of fixing them. Learn more.
InsightHow to assess risk for emerging technologies – before you use themBhavesh Vadhani, Thomas McDermottDon’t start using artificial intelligence, robotic process automation, and other newer tools without taking these steps to protect your organization and data.