Data Privacy, GDPR, and SOC2 – what does it all mean for your business in 2018?

With the latest changes in the EU, to data privacy laws in the US, governments all over the world are focusing on ensuring customer data, privacy, and compliance are strictly adhered to by all companies using personal data in any country.

As there seems to be a new data breach in the news every month, the US and EU are taking this issue seriously and beginning to penalize companies severely for breaches and lack of communication. For instance, the recent data breach with Experian was identified internally for several months before the public was made aware. This is not acceptable, and new laws are changing to ensure this doesn’t happen again.

So what can you do to protect your customer data, stay compliant, and avoid fines and penalties?

  1. The first step is to create a plan. Your technology team should be creating a compliance plan to protect the personal data of your customers and employees. Documentation is the key to make sure everyone in the organization is on the same page and following the same rules.
  2. Participating in Privacy Shield. The EU, Switzerland, and the US are committed to protecting personal data and supporting transatlantic commerce at the same time. The Privacy Shield framework was designed by the US, EU, and Swiss governments to ensure data is protected when being transferred. Your company can self-certify with the Department of Commerce and publicly commit to comply with the Framework requirements.
  3. Auditing and Regular Testing. The protection of customer data and personal information is only as good as the audits in place to double check the procedures are being followed. Internal monitoring, auditing, and working with outside experts is also important to maintain compliance.

Creating a plan, participating in government programs like Privacy Shield, and regular testing and auditing of your systems will ensure compliance for 2018 and beyond. If you would like to learn more about the compliance initiatives taking place at Blue Marble, click here