GDPR seeks to strengthen personal data privacy

Says George Chang, VP, APAC, Forcepoint, “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.”

GDPR 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 privacy laws is about to get very expensive. GDPR can cost businesses up to 20 million Euros or 4% of annual turnover, whichever is higher, for intentional or negligent violations. With these kind of stakes, investing in compliance now is the only right move for a sustainable business model. 

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.

Hence, Indian Businesses need to implement more robust data protection measures to prevent and manage data breaches. Businesses should adopt a robust data protection policy which outlines the procedure and designates responsibilities for ensuring complete privacy of consumer information. This should include strong password policy, investment in the right IT security solutions, Data Loss Prevention (DLP) and Encryption, regular data backups, employee awareness programs, and a comprehensive action plan to counteract data breach incidents. This focus on data protection will help them in nurturing greater trust with their European clients and expanding their market footprint within the region.