The GDPR regulation will come into effect today. 70 percent of CIO 100 members are sure they are complying with the regulations or are confident about their progress. In this article at CIO, Thomas Macaulay gives you a glimpse of what the CIOs are thinking about the new regulation.
Going the GDPR Way
While the majority of CIOs have confidence with the GDPR strategy, 4 percent are doubtful and 1 percent fear failure. Elizabeth Denham, the UK Information Commissioner, remarks that GDPR is only modernizing the data protection processes rather than deconstructing those. The regulation is focused on making organizations more responsible and customers more empowered. The law has similarities with the existing Data Protection Act. If you are already complying with the existing regulation and have an active data governance team, you need not worry. As per Denham, GDPR wants you to be just, clear, precise, safe, and dutiful regarding the user rights.
How Ready Is the World?
Ernst & Young survey reveals that 39 percent out of 745 leaders from 19 countries are unaware of the law. Annabel Gillham, a Morrison & Foerster data privacy lawyer, says that CIOs should look forward to the changes rather than resisting them. She points out that it is better that CIOs have at least started cross-checking their compliance list before the deadline. You can provide all the data-related information when the stakeholders or business owners enquire. CIO of Radius Payment Solutions Dave Roberts says that he is favoring the positive impact GDPR is bringing to businesses. The regulation is a way to enforce good practices in organizations so that it becomes a naturalized business behavior industry-wide. As data is the new oil, organizations should focus on data governance more to honor customers that trust them.
Challenges and New Possibilities
If you are not compliant with GDPR, it will cost you money and tarnish the brand reputation. However, the law also encourages organizations to increase their brand value, customer base, and data usage ability. Denham thinks that penalties would be for extreme scenarios rather than being a practice after GDPR comes into effect. To minimalize penalties, organizations can confess information misuse, consult with the lawmakers for issue resolution, and have a liability plan in place.
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