Australian businesses are focussing on Europe, especially to the imminent deadline of General Data Protection Regulation of the EU’s. Its breaches will entail fines of $20 million working to 4 percent global turnover of the organization. With the date of compliance for companies to meet the requirements of new data protection being 25th May, we present a strategy to the Australian businesses for dealing with the proposed changes. We also outline the importance for companies to aim at hiring the top skilled staff in their domain.
What changes are expected?
The GDPR had announced the changes in 2016 after having a thorough four years research and debate. It is aimed to protect the online privacy of EU citizens in a better manner in the modern world, which is increasingly driven by data.
The changes being done are:
The GDPR ruling states that they now have authority over all businesses and organizations which can get access to private data of EU citizens, without considering physical location of the of the company. All Non-EU business entities which process the data of European citizens need to appoint a selected representative within the geographical borders of EU.
- The changes also mention that a serious breach of GDPR will attract a fine for the offending organization up to 4 percent of the annual global turnover, or an amount of $20 million, whichever is higher.
- The process for taking Consent between organizations for gaining access the private data of EU citizens has been made stronger. Consent should not be written in intelligible legal terminology and should be processed, using an easy to access format, meant for both the parties.
- These updates mean that the Australian business entities need to check their usage of EU citizens’ data.
What is the impact of these changes on Australian businesses?
- The proposed changes have many broad and extensive consequences for all Australian businesses who have EU clients/ offices, and those who access the EU citizens’ data. The cost of not complying is huge. This has to be considered by the Australian businesses and their staff on the following lines:
- Forming a working group comprising members of an organization, responsible for all areas, involved in the GDPR changes, like data protection officers, and security and insurance sectors.
- Verifying major technology and channel partners for ensuring that they are GDPR compliant,
Automating major processes about EU citizens to give their consent for data use,
The significance of skilled staff in a global world
The skilled staffs in the workforce play a major role in a global world. Considering the changes in the GDPR updates, the staff needs to have an innovative and adaptable approach and should be able to handle pressures concerning company restructuring and data audits.