We've heard a lot of talk about enterprises working to quickly implement processes and procedures to prove compliance with upcoming EU General Data Protection Regulation (GDPR) requirements, which takes effect May 25.
GDPR alters the perspective of compliance by requiring data protection from a consumer standpoint, as opposed to a business one. Unlike previous initiatives, the GDPR has real teeth. Financial penalties for data breaches involving EU citizen PII can range up to 4% of an organisation's global annual revenue. That means gaps in coverage can have critical consequences for an organisation's bottom line.
GDPR compliance also means a higher level of accountability. Enterprises have to be prepared to provide evidence of compliance upon request, and document all their data processing policies, procedures and operations accordingly.
One certain way to meet GDPR compliance is by placing identity governance at the core of any security strategy. Identity lets enterprises design protection into the development of business processes and systems alike. It provides the necessary controls and procedures to keep data safe and available only when needed. And an identity governance platform gives organisations full visibility into “who has access to what,” along with insight into how that access is being leveraged.
If your enterprise does not yet have a solid strategy for GDPR compliance, here are some steps to get prepared:
Find your data
The first step in GDPR compliance is finding all your data, and we mean all of it. One of the major tenets of the GDPR is being able to identify how and where organisations store customer data, and more importantly how they grant access to that data to employees, contractors and business partners.
Figure out where you are
Assess what you're doing in your security strategy today. If you're part of any industry that already requires compliance, you're likely on the right track. Take stock of what you're doing right in the context of the GDPR and what you're not doing right. In this process, also determine who can aid in your compliance efforts and get them up to speed on what will be changing.
Find your people
This is not a job solely for your IT department and its leaders. You need to include key decision makers in this process and ensure they are not only aware of the things they need to be doing to comply with and enforce the regulations in their department, but also so they can help identify places where you need to adjust for compliance.
Build your toolkit
Inviting more software or processes might seem counterintuitive to an already cumbersome process, but not if you're implementing the right tools. With the Power of Identity, employee awareness and the right procedures in place, you can ease into this new set of rules and adjust these things accordingly before the penalties begin.
Rally the troops and get to work. You may feel overwhelmed, but there is still time to get into shape. By creating an action plan now and getting the process started, you're giving your business ample time prepare.
To learn more, download our eBook, Get Your Organization Ready for GDPR.