The EU General Data Protection Regulation (GDPR) is now officially in effect, obligating organizations to achieve compliance within a two-year window, failure to do so could lead to fines of up to 4% of their global turnover in the event of a data breach. A recent study conducted by DQM GRC in collaboration with DataIQ indicates that nearly one in five organizations (18.4%) may face challenges in meeting this deadline, as they anticipate needing 12-24 months to implement the necessary changes, leaving them with a tight timeframe to comply with the GDPR.
To assist organizations in their preparation for this new legislation, DQM GRC has introduced its GDPR RADAR™, a unique data protection assessment tool. The GDPR RADAR™ evaluates an organization’s current state of readiness for compliance with the new regulation, identifies areas in need of improvement, and tailors a program to guide the organization toward compliance.
The GDPR RADAR™ is a pioneering solution that efficiently measures an organization’s compliance with data protection regulations, data privacy, and data security. It offers the following advantages:
Assessment of GDPR Compliance: The GDPR RADAR™ conducts a swift gap analysis, generating a report that highlights an organization’s strengths and weaknesses in terms of data security and data protection compliance with the GDPR. This may include identifying gaps in data breach notification plans, inadequate consent for marketing activities, or vulnerabilities stemming from non-compliant third-party data processors.
Risk Mitigation: By using the GDPR RADAR™, an organization can significantly reduce the vulnerability of its customer data to potential breaches, theft, or loss. This risk reduction, in turn, lowers the potential for fines and reputational damage that may result from a data breach. Organizations can ensure they have the necessary marketing permissions and a comprehensive communication audit trail.
Action Plan Development: The GDPR RADAR™ provides recommendations and action plans that prioritize high-risk areas within an organization. It can also offer template solutions to guide organizations toward compliance. Once these remedies are implemented, organizations can work towards obtaining certifications such as ISO27001, Cyber Essentials, DataSeal, Fair Data, and Privacy Seal, which can enhance their prospects of winning major contracts.
Cyber Insurance Premium Reduction: Organizations that undergo a DQM GRC GDPR Data Risk Assessment may qualify for discounts of up to 25% on their cyber insurance premiums through QBE Insurance. This coverage can help address various issues, including crisis management, damage to underlying systems from virus injections, and the costs associated with notifications and fines in case of a data breach.
Christine Andrews, Managing Director of DQM GRC, emphasized the importance of helping customers achieve the highest standards of data protection and governance. The GDPR RADAR™ is designed to ensure compliance with the new regulations, thereby reducing the risk of data disasters, building trust with customers, fostering loyalty, and generating new revenues.