There are fewer than 100 business days left until GDPR is effective. On May 25, 2018, all organizations with European clients must be GDPR compliant to avoid potentially large fines. However, the risk is not just the fine—your company’s reputation is at stake.
In a recent Microsoft Modern Workplace episode focused on GDPR impact, compliance experts Elena Elkina and David Kemp went beyond the basics of GDPR compliance to focused on the benefits companies will experience when they truly embrace the GDPR and find ways to fully integrate compliance into their business practice. (Click here to watch the Microsoft Modern Workplace video
Elkina and Kemp explain how GDPR compliance helps build trust and transparency among businesses, consumers, and regulators alike. GDPR creates a standard, and those who embrace it will have a competitive advantage. GDPR-compliant companies have the potential to increase operational efficiency—and therefore revenues.
If you haven’t started yet, it’s not too late. Get started immediately and document your compliance process to show you’re taking steps to become compliant.
Kemp offers five steps companies can follow to get started with GDPR compliance:
- Create a steering committee
- Appoint a data protection officer, if required
- Get a legal opinion to manage both regulation and your national law
- Do data discovery
- Perform a risk and gap analysis
Fully embracing the GDPR will be a work in progress, but the process itself can have positive impacts on your business by creating opportunities for innovation and upgrading privacy. By approaching GDPR in a positive manner, companies have the potential to improve customer relations, operational efficiencies, and overall business practices all while aligning with the rules and regulations of the future of data protection.