In less than a year your company will have to be prepared for what could be one of the most costly regulations ever seen.
The European Union’s General Data Protection Regulation (GDPR) deadline is looming; starting on May 25, 2018 all companies and institutions will be legally bound to protect the personal data of EU residents and uphold their data privacy rights.
It is a daunting task and the repercussions are dire, with fines of up to 4% of your global revenue if you are not compliant by deadline.
Yet, according to Gartner over 50% of companies affected by the GDPR will not be in full compliance with its requirements by the May 2018 deadline.
Software AG can help. As a global provider of products and services for digital business transformation—and the GDPR is certainly a reaction to increasing digitalization—Software AG can help ensure that companies in any geographical location can effectively and efficiently comply with GDPR.
By using Software AG’s GDPR framework, organizations are equipped with the capabilities needed to fulfill the obligations imposed on them as processors of personal data. This includes the means to create a detailed record of processing activities, providing transparency into data, processes and applications in the context of GDPR.
Software AG’s GDPR framework enables firms to establish a governance, risk and compliance (GRC) framework to internally communicate guidelines and procedures for GDPR compliance, as well as monitor adherence to these. It also enables you to continue on a program of digital business and IT transformation while complying with GDPR.
GDPR impacts all organizations processing data from EU residents, mandates stronger rights for data subjects and more stringent obligations for data processors, enforces significantly higher fines for infringement, and requires certifications as proof of compliance.
The regulation replaces and unifies previous personal data protection laws in the EU member states, providing a standardized regulatory environment that is more favorable for international business.
For large, EU-based and multi-national enterprises in any industry, GDPR carries huge consequences. The immense data stores, networked systems, business ecosystems and technologies that enable companies to serve their markets and customers, hold a vast amount of information that needs to be reined in. Few companies have the required oversight across their distributed data and processing activities and the insight into precisely what kind of data they house to be able to comply with GDPR rules.
With a product portfolio addressing business process analysis, enterprise architecture management, IT planning and GRC (governance, risk management and compliance), we are in a strong position to support companies in building an effective, sustainable GDPR practice while continuing with their digital business initiatives.