Why does it matter? Even if your company is based in the US, if you have customers in the EU or sell goods and services in the EU, you are likely required to comply with GDPR. The potential penalties for non-compliance are strict: a fine of 20 million Euros or four percent of annual global revenues, whichever is higher.
Fortunately, Clarity Insights’ business is understanding all aspects of the “D” in GDPR: data. We created a solution that enable our clients to manage Personally Identifiable Information (PII) and ensure GDPR compliance. We call it Privacy by Design. It provides a data infrastructure to improve data privacy and data security and is comprised of the following:
The key components of the regulation are the newly defined business processes as defined by GDPR.
These processes, or “data subject’s rights,” are:
+ Clear opt-in consent
+ Right to obtain information
+ Right to be forgotten
+ Right to restrict processing
+ Right to data portability
+ Right to be informed of a data breach
+ Right to object
+ Audit capabilities