GDPR Undergoing Major Compliance & Regulatory Reforms
Even though India and other nations are yet to come under its ambit, recent General Data Protection Regulation (GDPR) Summit resounded few legal soundbites for Data Protection. 25 May 2018, will soon witness GDPR coming into effect and privacy regulations undertaken by business conglomerates shall undergomassive changes. The scopes of change are being gradually grasped
by the nations worldwide which have a huge bearing on the personal data landscape and businesses as such.
With social media and other platforms sharing data by just a click, it is likely that data breach cases will rise quickly in the absence of robust Data Protection Directive and aunifying regulatory environment. The risk associated with data breach is damaging to its last fibre. “The fines of GDPR are big, but the reputational risk is likely to be bigger.” Opined one of the senior Manager at the summit recently.
And while compliance is like a kit, it needs to be long enough to cover the essentials but short enough to keep the interest of business. GDPR compliance is pushing a significant change in behavioural and core functions of some business organizations. The preconception of GDPR being only a security compliance and regulator has more depth to it. It can actually catalyse the business in a long run. In this context, the selective utility of data will bring a laser focus on a business operation that can increase the efficiency and thereby the cost mapping of related services as such. Though, currently under EU law, GDPR has forced the trailing nations to sit up and keep a closer tab on this latest compliance and the significant shift of business directives and functions that are yet to arrive.