It has been just over 6 months since the European Union’s General Data Protection Regulations came into effect on May 25th. The first official fine for EUR 4,800 was issued in Austria in October and it has been suggested that tech giants Microsoft and Facebook could both be receiving fines. So, while we are still very much in the early stages, one thing is clear – a lot of organizations are struggling to make sense of these changes. If you are still finding it difficult to understand how GDPR is affecting you, let’s take a look at two different use cases and how being GDPR compliant benefits companies in the long run.
Scenario 1: Request for removal
Mark Smith has requested to have his credit cards cancelled and all his information removed from his bank’s system.
In the past, the bank would probably designate the Business Intelligence department to look for Mr. Smith’s info. After that, the bank would be able to comply with the client’s request. Simple, right? Not so much. What the client is asking involves data mining and going through all the bank’s databases to make sure none of his information is left behind. That process alone could take months if done manually.
A GDPR compliant company will have developed a software solution that will be able to track all the client’s information. The solution will be able to go through all the databases where any of the client’s personal identifiable information can be found and with a simple command it can be erased within the deadlines required under GDPR.
Scenario 2: Transferring information abroad after a deal
Business transactions between companies with headquarters in different countries are quite common. One of the necessities related to that is the transfer of information from one country to the other. Identifying the people whose information needs to be moved is tedious and time-consuming task.
A solution that meets GDPR requirements will allow a company to centralize all data subject information (employees and customers) and have easy seamless access to the information abroad. Once information has been detected, the company can move all the information safely, and in accordance with Chapter 5 (General Data Protection Regulation) of the new data protection regulation.
So, there you have two different GDPR scenarios that businesses often run into. Although there are many more scenarios to consider, we hope that this gives you an idea of how the regulation works and how it can impact your organization. If you still want to learn more, download our GDPR whitepaper, which will provide you with more in-depth information on the topic.