The new European regulation on the protection of privacy (GDPR) will come into effect on May 25, 2018. US companies that store data of citizens in the European Union must comply with the GDPR before the start of the May. deadline.
Small Business Trends has met Kory Willis, IT Director at Impartner, to explain what GDPR is and how small businesses can ensure compliance with the new regulations.
What is GDPR?
GDPR is one of the most stringent regulations ever adopted by the European Union. It is designed to give individuals, customers, prospects, employees and contractors more power and control over their data and divert the power of companies that collect and use this data for profit.
“The new security rules affect all companies storing data on EU citizens, even if the company is based in the US.” The offenders whose security measures are not compliant will be subject to significant fines The control, confidentiality and security of an individual’s personal information is the basis of the GDPR and describes the strict measures that companies, large and small, must take to protect the data they collect against misuse or malicious activity. “
This personal data may be all about a person, including names, email addresses, photos, bank details, location details, computer IP address, social network updates, medical data, etc.
Is my GDPR compliant with my small business?
Willis noted that a significant number of companies in the United States do not know if they will meet the standards required to comply with GDPR standards.
“The problem is that one in four American companies do not know if they are ready to comply with GDPR compliance standards, which is particularly worrisome if we consider that non-compliance can may result in fines of up to $ 20 million or 4% of the previous year’s overall annual business turnover, whichever is greater. put a bankrupt company in the EU, “Willis told Small Business Trends.
Impartner’s IT director talked about the importance for small businesses to verify relationship management solutions and the applications are compliant with the GDPR.
“Many small business owners do not realize that one of the largest databases that companies interact with is their relationship management solution, which it’s 39, acts as a CRM, SRM or PRM PRM systems, for example, store information about international partners, suppliers and customers.
“Most small businesses use third-party applications to provide many of these services, and it is essential that they fully verify that these applications comply with the GDPR because they will always be third parties have a data breach Suppliers must ensure that they use GDPR-compliant technology solutions.This includes the selection of a partner relationship management solution that comply with the new standards, “said Willis
To help customers ensure GDPR compliance, Impartner took two steps:
- Impartner PRM meets the GDPR requirements for customer data to be pseudonymized or transformed so that the resulting data can not be assigned to a data subject without the use of additional information.
- Impartner PRM also helps meet the GDPR’s data control requirements for end-users (although it may be difficult to completely eliminate any trace of a person’s data) .
If you are a small American company that stores and collects data on citizens of the European Union, you have until May 2018 to put in place the necessary security measures for you ensure that you are compliant with the GDPR and not open to a fine for non-compliance.
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