Regulation  

How to prepare for GDPR

  • To understand what GDPR is.
  • To learn what processes firms will need to put in place.
  • To understand how the regulation can benefit a firm.
CPD
Approx.30min

Fines

Under GDPR, fines associated with noncompliance are up to 4 per cent of annual turnover or €20 million, whichever is higher. This is the maximum fine that can be imposed upon a business for the most serious infringements, such as not requesting proper customer consent. Fines will work in a tiered approach depending on the severity of the noncompliance, and GDPR enforcement will apply to both controllers and processors.

Individuals’ rights

Individuals are granted increased rights regarding the use of their personal information, including the right to access, remove, object and transmit their data. 

Under their expanded rights, individuals have the right to know whether personal data concerning them is being processed, where and for what purposes. If the individual asks for their information, GDPR states it must be given to the individual free of charge and within a month’s period.

The right to be forgotten, also known as Data Erasure, allows individuals to require the processor and controller to erase their personal data. As outlined in Article 17, this also includes situations where the data is no longer relevant to the original purposes it was being processed for. Individuals can also object that their data be used for direct marketing purposes, limiting the ability of marketers to profile individuals for promotional purposes.

Finally, individuals have the right to have their data moved to another controller “without hindrance from the controller”. For anyone who has previously struggled to move banks or phone companies, this will provide individuals with the ability to more freely move their accounts and information to another business.

Capitalising on long-term benefits

As with any new change initiative, implementation may be difficult for some firms to manage.  Yet as businesses begin to execute, monitor and review controls and procedures to be compliant with GDPR, they will see its long-term benefits. Three of these are outlined below:

Data security

The strict guidelines around data security will reduce risks by making businesses less vulnerable to security threats, data loss and breaches, thereby decreasing the likelihood of brand and reputational damage as well as regulatory fines. Higher levels of security will also ensure that customers have trust and loyalty with your brand and improve brand confidence among the public.

Data integration

Many firms currently have an overwhelming amount of fragmented customer data stored in their systems with little guidance or understanding of how to use it. Typically, various components of data are stored in multiple locations, leaving businesses vulnerable to the risk that any update does not populate data thoroughly.

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. How does Mr Cooper describe the changes that GDPR will bring?

  2. What does Mr Cooper say GDPR will be broader than in terms of scope?

  3. According to Mr Cooper, what do many people mistakenly believe about GDPR?

  4. What does Mr Cooper say all stored data should be?

  5. Individuals have a right to what, according to Mr Cooper?

  6. Mr Cooper says the strict guidelines around data security will reduce risks by making businesses less vulnerable to security threats, data loss and breaches. True or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To understand what GDPR is.
  • To learn what processes firms will need to put in place.
  • To understand how the regulation can benefit a firm.

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