The European Union has adopted a new regulatory framework dubbed General Data Protection Regulation (GDPR in short). It will start taking effect as of the 25th of May, 2018.
As a Trusted Third Party, being inherently neutral, WorldEscrow is your natural first stop for all your GDPR compliance needs.
With the rise of the internet, businesses and governments have been given access to a vast amount of people’s personal data. Due to the global nature of internet based services, however, it isn’t always entirely clear what happens to that data.
In order to address the issue, the European Union has adopted a new regulatory framework dubbed General Data Protection Regulation (or GDPR in short) on April 27th, 2016. It will start taking effect as of the 25th of May, 2018. The goals of the framework are twofold, and relatively straightforward. On the one hand, GDPR aims to guarantee certain basic rights for EU citizens. It will thus regulate movement and storage of personal data, insert an accountability check at corporations in the form of a justification of why these companies are storing what they are storing and generally make the world of personal data rights accessible to average citizens. On the other hand, it aims to simplify the internet business environment by unifying the regulations across the Union, thus improving the competitiveness of the industry as a whole.
As it is meant to be a comprehensive regulatory system, all companies dealing with personal customer data, will most likely be affected by GDPR, or at the very least have to provide some compliance towards it. Therefore, it may be useful to see how GDPR might affect businesses at large.
In general, there are two main aspects to GDPR. The first one is purely managerial in nature, the second is more focussed on technical infrastructure and provisions.
The managerial aspect focusses on giving due notice to users of your service on how their data will be stored and used, as well as implementing an Internal Personal Data Policy, and appointing a Data Protection Officer. The main idea here is that management develops an explicit policy regarding the handling of personal data, ensures that their customers are up to speed with said policy and that the DPO makes sure the policy is known and enforced across the organisation.
In technical terms, the enforcement of the policy requires the implementation of a log system that archives any manipulation of any and all bit of data at any time. This may require a slight adjustment of existing systems or the deployment of an entirely new one.
All of the above, however, is based on a situation analysis, after which the rest of the procedure can be initiated.
As a Trusted Third Party, WorldEscrow has been balancing legal, technical and managerial issues for over twenty years. As an expert in all of the above and being an inherently neutral party, we are your natural first stop for all your GDPR compliance needs. For all details, offers and our defining personal approach: contact us. We are always happy to help.
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