Are you planning to trade in Europe? If yes, then you should understand the importance of GDPR. Without following GDPR, it becomes challenging for individuals and groups to trade in Europe. Unfortunately, it has been more than four years since the deadline for businesses to update their procedures following GDPR. While some businesses have implemented measures to comply, many still need to create protocols to manage and retain unstructured data appropriately.
It’s crucial to manage the regulatory risks involved in this. For example, any unstructured data containing Personal Identifiable Information (PII) needs to be properly categorized, subject to the proper access restrictions and documented its essential characteristics. In light of this, let’s examine the steps IT companies can take to ensure their operations comply with legal requirements.
Why Should You Be Careful While Holding Personal Data?
Before handling PII, IT organizations should know the potential reputational and financial concerns. The potential fine might significantly impact an organization’s future if they find and submit an unregulated data silo to the ICO. Companies can be destroyed by fines that are too high. Sometimes, the maximum penalty for mishandling the data is either 4% of the global income or €20 million.
The Impact of Siloed data
Data silos are undesirable for many reasons. They can limit data flow throughout a company, reducing productivity, lengthening delivery schedules, and raising expenses. Why is that so? Because the expenses of storage, upkeep, and backup increase when you store similar data in multiple locations.
It is conceivable that other departments will produce their versions of the data if business sectors need access to all the information required to complete a task. A business will thus discover that it has different versions of the facts that it should carefully reconcile. It is a waste of time, money, and resources when you could use all of these things to create new items.
Even worse, it will be more difficult for a corporation to maintain its data up to date with ever-changing legal standards if it can’t successfully track it.
Data Governance and Unstructured Data Challenges
While it may seem hard, data governance is just a matter of comprehending data as a business resource. Like any other asset, you must carefully manage and protect the data.
Not all unstructured data is essential for administering high-quality services and goods. Therefore, each business area within compliant organizations must complete and maintain an Information Asset Register (IAR), which ensures that you understand and record all significant unstructured data, outputs and inputs. An updated IAR is a company’s first defence when something goes wrong.
A variety of information is contained in an IAR, including the kind of document, how it is used, and whether or not it contains personally identifiable information. Therefore, local data management practices must be implemented to review the data stored in IARs regularly. For instance, the data holder must erase a data file as soon as it exceeds the agreed-upon retention period.
Also crucial are software solutions. Dynamic and customized software may effortlessly integrate with a company’s APIs, locating data silos and regaining control over all unstructured data.
Knowledge is essential in all successful data governance methods. Businesses must have complete command of the data. You must record unstructured data to make that successful. The first step is to improve data governance, which you can achieve with software programs recognizing unstructured data.
Firms may comply with regulatory standards and avert financial and reputational catastrophes if they adhere to these guidelines and put the correct solutions in place.
How Can You Easily Comply with GDPR?
Compliance is more than a product. It is a process of adhering to regulating bodies. The foundation of your compliance program consists of internal monitoring, recorded procedures and policies, enforcement, and governance activities.
The General Data Protection Regulation (GDPR) is essential in preserving peoples’ right to privacy.
The GDPR is the detailed data protection regulation put in place to date by a regulating body. It is a regulation that allows the Council of the European Union, the European Parliament, and the European Commission to provide data security for every person within the European Union (EU).
You may control the process with Laserfiche enterprise content management systems. Robust audit trails and security technologies combine with standard features like data management and workflow automation, which are essential in highly regulated businesses. As a result, compliant behaviour now has a competitive advantage.
GDPR Beyond the EU
All companies that handle data within the EU and those that do so about EU residents are subject to GDPR. As a result, even while GDPR has its roots in the EU, it also impacts U.K.-based businesses that store and process data from EU citizens.
Comply with GDPR Using Laserfiche
GDPR may significantly impact your company. Do you need help determining where to begin when planning for GDPR compliance? Laserfiche offers businesses the resources they need to create an open and reliable data protection policy.
Laserfiche allows businesses to automate their workflow, metadata modification, and data capture. It is a cloud-based tool suitable for all sized businesses and organizations. Since Laserfiche is a content management platform, it allows businesses to store documents, data, and customer information. With advanced security and safety policies and regulations, Laserfiche is a GDPR compliance tool. It offers an advanced protected system with rule-based actions and security measures. When you install Laserfiche, your customers, vendors, and stockholders will feel safe sharing their information with your business.
Transform Your Business Now!
Innovative businesses generate more business value using their GDPR program to support more extensive digital transformation activities.
Digital transformation provides the possibility to reinvent products, processes, and technology. As a result, you may develop the efficiency and agility required to develop client experiences that enhance performance and generate money by making information useable, available, and accessible.
If you would like to find out more about our Laserfiche solutions, please drop us an email at sales@ccsireland.ie and we would be happy to set up a demo.