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GDPR refers to the European General Data Protection Regulation, which will become mandatory on May 25, 2018.
The storage, handling, and processing of personal data of citizens in the European Union jurisdiction – it includes customer, prospect and employee data.
Every company, worldwide, that conducts business with citizens of European Union jurisdiction, no matter where the company is situated.
GDPR should be seen as your company's legal guideline for all activities related to acquiring, processing and managing all personal data of EU citizens.
Non-compliance can lead to fines of up to 20M € or up to 4% of a company’s global revenue – whichever is higher. It also poses material risks and if you are not ready for GDPR it can significantly slow down your operations.
Companies need to assign a Data Protection Officer (DPO) who is responsible for managing GDPR compliance. The DPO has to make sure that the company can deal with the four key pillars of GDPR.
The first pillar of GDPR pertains to an individual's right to request and receive a full account of the data stored about them.
The second pillar of GDPR encompasses the portability of one's data record and the format in which it is transferred.
The third pillar of GDPR relates to an individual's right to request a full deletion of all data stored about them.
The last pillar of GDPR mandates how a company notifies the individuals affected (and authorities) upon a data breach.
There are many other details as the right to fix incorrect data, or management of personal data pertaining to under-aged citizens. Having a detailed look at the regulation is definitely required.
Personal information can be data such as contact information (phone numbers, email addresses, mailing addresses, etc.), date and place of birth, tax ID/social secuirty number, etc. It also includes more technical information such as roaming and communication patterns, IP addresses, and the browser and device type that someone is using.
Under GDPR also consent information needs to be gathered, stored and provided. GDPR significantly changes the perspective of data usage: Companies now need to actively get permission from people before processing their data. If people do not consent with this, the use of the data in a Business Intelligence system or a Big Data platform might be severely limited.
The most efficient way of underpinning a successful GDPR strategy is to implement the Profisee data management solution and to create a single view of your customer—often called the "Golden Record". Profisee is an expert in doing this.
Golden customer records within Profisee provide a solid foundation for dealing with the four pillars of GDPR.
Only with a complete understanding of which data you have and where you store it, followed by consolidation into a single view, can you address the requirements of each pillar.
You will also need to customize your processes and technologies to your specific situation and requirements.
This may mean that each organization will require a different and unique solution set and custom business processes to address their needs. Profisee is a proven platform for these tasks.
Data management and data governance with Profisee is a cornerstone of any successful GDPR initiative.
While Profisee is not the complete solution for GDPR, it significantly accelerates consolidating, matching, cleaning up and processing of customer, prospect and employee data.
While Profisee is not the complete solution for GDPR, it significantly accelerates consolidating, matching, cleaning up and processing of customer, prospect and employee data. Data management with Profisee is a cornerstone of any successful GDPR effort.
Read more about how you can become GDPR compliant with Profisee in the GDPR white paper.