Rather than addressing one specific area, GDPR compliance requires organizational awareness and training. Protecting data from both internal and external threats are major challenges for organizations.
Compliance officers and company executives face a multitude of challenges while managing GDPR compliance in what many regard as a complicated and demanding process. Organizations that store or exchange information of any person in the European Union (EU) are required to comply with The General Data Protection Regulation (GDPR) to ensure that the data is protected.
Challenges stem from the need to prove consent from customers and prospects, have an established process for their right to erasure, monitoring third parties that have access to data, and general data protection. Creating and enforcing policies that consider these areas can prove difficult for an organization that has low visibility between departments and differing methods for assessing compliance.
Rather than addressing one specific area, GDPR compliance requires organizational awareness and training. Protecting data from both internal and external threats are major challenges for organizations.
Meeting GDPR compliance can be challenging due to its strict requirements, but if it’s not done companies can face heavy penalties such as fines up to 4% of annual revenue or the equivalent of €20 million. An internal or external error can result in customer loss and damaged reputation as well.
Without a reliable platform to streamline assessments and ensure compliance, companies waste precious resources in efforts that still result in fines. Data breaches by third parties are ultimately the responsibility of your organization, meaning failure to utilize a reliable platform to assess third parties can ultimately create fines for your company.
Fines for noncompliance ultimately limit growth and limit resources for future risk management efforts, creating a negative snowball effect. Assessing all risks and compliance before a breach or incident occurs is crucial.
RiskWatch offers over 50 prebuilt content libraries that are ready for use in our platform. These libraries contain industry standards and regulations, lending subject matter expertise and guidance for organizations. Achieving compliance with these libraries ensures risk is minimized.
CyberWatch is a modern assessment solution that can be utilized by various industries for cybersecurity and compliance risk assessments. The software enables you to reduce exposure to liability, manage risk, monitor and maintain cybersecurity, and track continuous improvement.