General Data Protection Regulation (GDPR)
It is fast approaching and Esker is ready.
On May 25, 2018, the GDPR, a new ground-breaking privacy law, becomes legally binding in the European Union (EU). The GDPR intends to strengthen and unify data protection for individuals within the EU, as well as address the export of personal data outside of the EU. The regulation expands the privacy rights of EU individuals and places new obligations on all organizations that market, track or handle EU personal data.
The GDPR (Regulation (EU) 2016/679) is the most important change in data privacy regulation in 20 years and replaces the European Data Protection Directive (95/46/EC) which was implemented inconsistently across Europe and did not have legislative authority.
If your company collects and stores the personal data of EU citizens, the GDPR is relevant to your organization, even if you don’t have a formal presence in the EU zone.
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What will GDPR effect?
The primary objective of the GDPR is to give citizens back control of their personal data. It regulates the processing (i.e., the collection, storage, transfer or use) of personal data of individuals. Any organization that processes personal data of EU individuals, including tracking their online activities, is subject to the regulation. The GDPR does not apply to the processing of personal data pertaining to matters of national security or “purely personal or household activity.”
Once GDPR takes effect, it will harmonize previous and other data protection regulations in the EU and will have a far-reaching impact for organizations throughout the world. U.S. companies that export and handle the personal data of European citizens will also need to comply with the new requirements put forth or be subject to the same consequences.
Important changes include:
- Stricter consent rules
The GDPR requires that individuals give unambiguous, informed consent before their data may be processed. Consent cannot be assumed from inaction.
- Increased accountability measures
There are a number of new requirements for subject organizations, including conducting privacy impact assessments and appointing a data protection officer.
- Enhanced rights for data subjects
Individuals have more rights under the GDPR including rights to: have their personal data erased, have inaccurate data corrected, be removed from digital marketing, and request personal data be ported to another service provider.
- Substantial fines
Companies that fail to comply with GDPR regulations are subject to sever penalties of up to €20 million or 4% of annual global revenue, whichever is greater. There is also the possibility of insolvency or business closure if a business breaches GDPR.
- Data breach notification
Organizations must notify those whose data has been breached within 72 hours of the breach.
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How Esker helps
Following thorough analysis of all requirements, Esker complies with the GDPR in the delivery of its solutions and services. Regular updates are made to Esker products, contracts and documentation to support compliance and uphold industry regulations. Esker interacts with customers, regulatory bodies, and standards boards to advance compliance and serve its customers’ needs.
Esker is committed to the safety and security of its customers’ data and provides the tools to support their compliance strategy and meet GDPR requirements for:
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Businesses trust Esker to manage their business-critical applications and information, in large part due to the company’s commitment and expertise in cloud security, privacy and trust. Its robust privacy and security program meets the highest standards in the industry, as recently proved with ISO 27001 certification.
Esker will remain closely engaged with you as we prepare together for the GDPR enforcement to take effect.
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Ask us anything.
Esker understands data privacy. If your processes and controls are in question,
don't hesitate to ask how our secure automated platform can help.
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