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The GDPR is a security and privacy law passed by the European Union providing regulations for organizations that collect data from its citizens. Businesses, eCommerce web stores and other organizations operating within the European Union and providing services to its citizens should be aware of the guidelines set by this privacy law and how to ensure adherence to its policies.
Here at Folio3 we assist our customers in compliance with the aforementioned policies as a NetSuite Solution Provider, through our partnership with NetSuite and Oracle. We help clients develop industry-standard practices and policies tailored to their specific business model.
The data protection laws of the European Union were updated to include the General Data Protection Regulation, which safeguards the privacy of citizens with regards to technological developments. The GDPR imposes new regulations on organizations which provide services to the citizens of the European Union and collect their personal data, including but not limited to corporations, government agencies and non-profit organizations. Failure to comply with these regulations may result in heavy penalties and fines.
Any organization that processes data of the citizens of the European Union is liable to follow the guidelines set by the GDPR, regardless of where the company itself is physically located. It must adhere to the tighter restrictions on data processors and data controllers, including the collection, transfer, storage, and use of personal data. Furthermore, it must also observe rules regarding any steps taken to track online activities of the European Union citizens.
The GDPR serves to preserve the rights of the citizens of the European Union through providing sufficient protection for their privacy and personal data. Thus, organizations that collect and store this private data must comply by the regulations set by this law. The requirements of the GDPR are:
The GDPR works to provide the European Union citizens more ownership and control over their own private data, giving them the right to add restrictions in accordance with their own preferences.
The GDPR requires the appointment of a data protection officer to oversee and ensure compliance for companies operating across multiple states within the European Union. Furthermore, it also mandates that such companies resolve possible cross border data connection issues with an appropriate supervisory authority.
The GDPR aims to prevent leaks and unauthorized use of the citizens’ personal data by requiring that companies implement sufficient data privacy policies and security protocols. Companies handling personal data are required to not only document their security practices and regularly audit their data security systems, but also immediately take steps in case of any errors.
According to the GDPR, companies are mandated to report data breaches to regulators within 72 hours. The required report must include details regarding the nature of the breach, along with the number of affected individuals. Furthermore, the company in question is also required to immediately notify the aforementioned individuals to enable them to take remedial action.
In accordance with the GDPR, there will be an increase in fines/penalties that companies will have to face for non-compliance as compared to the previous guidelines set by the Data Protection Directive. The fines will be determined on a case by case basis, ranging from 2% to 4% of the offending company’s global revenue or €10 million to €20 million, whichever is greater. The company in question can also be required by a supervisory authority to take corrective measures to improve their data security systems and be prohibited from data transferring practices.
Folio3’s partnership with Oracle NetSuite combined with our extensive experience working with the NetSuite platform, its API’s and underlying data structure (thanks to our broad portfolio of NetSuite Customizations and Data Connectors) has enabled us to develop a comprehensive strategy to help our customers comply with the GDPR.