As the clock ticks down to the deadline to comply with the EU’s new GDPR regulations, organizations need to enact strict data protection regulations. The GDPR countdown provides a push for organizations to do more to protect the privacy of the people that matter most.
George Chang, VP, APAC, Forcepoint came forward and shared an overview on the GDPR enforcement.
George Chang quoted, “As the capacity to collect, store and analyze data for commercial purposes continue to grow exponentially, GDPR seeks to strengthen and unify personal data privacy and protection – putting people in control of their data and ensuring that businesses treat this data in a fair, transparent and secure manner. It’s no surprise that this seismic shift in the way we approach data security has caused a ripple effect across the globe, with many countries following suit and modernizing their own privacy and data protection laws.”
Sharing a perspective on India’s Data Protection Law, he also added, “When it comes into effect, is sure to have a major impact on business operations. Organizations in India need to place compliance and data security as a priority considering the cost for violating these privacy laws is about to get very expensive. GDPR can cost up to 20 million Euros or 4% of annual turnover, whichever is higher, for intentional or negligent violations. With those kinds of stakes, investing in compliance now is the only right move for a sustainable business model. Pragmatic compliance does not need to be an expensive exercise too. Expenses are relatively low if implemented with a common sense approach. Understanding the parameters of the applicable legislation is key to getting it right.”
“While many may be worried about the implications of a new regulatory era, in reality it will create trust and provide good practices that will benefit both the individuals and the business. These laws collectively present a positive business opportunity, when approached in the right way. Compliance can drive operational efficiencies, cost-savings and even fuel innovation. With strong data protection strategies in place, customers will place greater confidence in businesses, and businesses will minimize the all too common reputational and financial fall-out of a breach.” George concluded.
As a background, Forcepoint was created by uniting the user protection, data security and cloud expertise of Websense with the defense-grade insider threat and analytics technology of Raytheon and the next-generation network protection capabilities of Stonesoft. Forcepoint empowers organizations to drive their business forward by safely embracing transformative technologies – cloud, mobility, Internet of Things (IoT), and others – through a unified, cloud-centric platform that safeguards users, networks and data while eliminating the inefficiencies involved in managing a collection of point security products.