The GDPR can strengthen your business position in global trading by demonstrating a commitment to client and staff privacy as a central focus. Businesses that are focused on data privacy by design and default are much more attractive to EU-based entities and clients, especially with the prevalence of hacking, data breaches and joint liability in the media. Also, consumer are much more aware of their heightened rights to data protection and privacy in and offline which means that both B2C and B2B relationships are enhanced by adhering to privacy legislation across the globe.
Risk assessments are paramount to demonstrate privacy by design and default because supervisory authorities will consider the steps taken to mitigate identified risks when reporting hacks and breaches. Data privacy and Cybersecurity assessments give your business the tools required to implement creative problem solving to mitigate (or eliminate) risks and also design a robust business continuity plan.
The GDPR holds both the data controller and processor legally accountable for data and cyber security, and in addition to the sanctions, individuals can seek compensation of damages from both parties without a specified limit. This ‘joint liability’ means that a US business that trades or partners with an EU entity must be GDPR compliant.
The legislation also states that any business that markets services (paid or non-paid) to individuals that may be in the EU will need to be compliant, so if a business website is accessible to individuals in the EU and there is a possibility that they may enquire about products or services, the US entity will need to demonstrate GDPR compliance.
There are quite a few differences between the GDPR and privacy regulations around the world that US business will need to be aware of through training and advice. This includes the reporting of a breach, subject access requests, legal age of consent, and a few individual rights. The sanctions bestowed on business that do not demonstrate an understanding of the GDPR principles and requirements is astronomical and the supervisory authorities will support the EU (national interest in global trading) to ensure that US businesses are subject to those penalties. Examples of this include Google, Facebook and Marriott.
Business Continuity + Compliance
The one-stop shop offers businesses an opportunity to rest assure that there is holistic support for their privacy and security interests through a professional and experienced entity dedicated to learning the business needs; training and developing relationships of trust to assist with corporate change aligned with GDPR-influenced behaviours throughout the business (C-suite and across all levels of staff); help with testing, identifying, and designing creative strategies to mitigate risks; comparing across global privacy legislations; advising and supporting with responses to data and/or cyber security breaches, and to reduce stress when considering continuity strategies.
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