While it may be true that doing business on the web means doing business with the world, there are still regional regulations to follow. As more and more of our business life is done on the web, new rules to help regulate online business have appeared. They make doing business online safer, but they come with some restrictions that are costly when ignored.
But how does anyone keep track of new changes such as the recent introduction of GDPR or general data protection regulations in the European Union? One way is to make sure that your IT department is always up to date. Here are a few pointers they may want to be aware of when it comes to doing businesses in the EU with the introduction of these new regulations.
Changes in Paperwork and More
If you are looking to understand the changes brought by GDPR regulations in the EU, here are a few things your IT department needs to know about them. One of the biggest changes is that there will be an increase in paperwork for fulfilling certain requirements.
While this can be a chore, there are hefty fines attached to not taking care of this new requirement. This means it is worth your investment to perhaps hire someone who will specialize in handling all these aspects of fulfilling the new GDPR rules.
It should not be surprising that another major change is that you will need to send out notification of all breaches, including those at branches, within a tighter 72 hours frame from the discovery of the breach. This may be a tight turn around but does mean that repercussions of the breach can be more completely controlled across the network in the EU.
New Privacy Requirements
While the privacy requirements are similar, there are have been changes to both the Privacy by Design requirements and the Privacy by Default ones. Regardless of the design of your privacy settings for your business, both types will need to follow new and more stringent requirements.
Along with these new requirements, expect to have to spend extra time filling out new Privacy Impact Assessments for all related incidents. Again, there are strict fines for not completing these requirements.
New Hires for New Regulations
As you can see from just these few changes, you can expect to need to hire someone who will be specifically undertaking these new requirements and making sure they are done properly. Since one of the new requirements is for businesses doing business in the EU to appoint a Data Protection Officer that can often mean you will need more than one new hire to keep yourself compliant with these new requirements.
While all of this may look onerous to many businesses, it doesn’t have to be. Many companies are springing up in response to this new requirement.
They are well versed in what is required, can help you to stay compliant and are worth the investment. They will pay back the cost of labor with the ability to keep your business moving forward and not entangled with EU requirements as you move forward in your business plans.