You’ve probably heard about GDPR lately, the new data protection regulation that the European Union will implement in May of 2018. Its purpose is to ensure the maximum data privacy for millions of citizens and residents of the Eurozone.
Many companies that sell or trade in the EU feel the implementation of GDPR as a threat, since they need to prepare and adapt their systems as soon as possible to ensure compliance with the regulation. Meanwhile, other companies conceive GDPR as a potential opportunity to improve business growth and, undoubtedly, it is!
-What are the implications of GDPR?-
A great number of companies, especially major ones, have started to adapt their systems to GDPR a while back.
Source: www.mymemory.co.uk
The failure by companies to comply or adapt their companies to the regulation may imply penalties of up to 20 million euros or 4% of their worldwide annual turnover. Which is why it is important to point out that this regulation needs to be complied with by any organization that operates in Europe, whether it is based in the EU or not.
GDPR is based on three fundamental pillars:
- Systems need to be based on a privacy design, with control policies around data.
- Data storage needs to have a clear purpose. Establish a control over what is stored and why it is stored.
- Express consent to store data. The user needs to know what data will be stored, and why. In addition, revoking that consent will be significantly easier.
If your company hasn’t yet adapted, it needs to do so as soon as possible to take advantage of all of its benefits.
-How does GDPR affect the principles of privacy and rights of European consumers?-
Why WSO2 is the best way to prepare for GDPR
WSO2 is the best digital transformation solution to accelerate the growth of your business.
WSO2 Identity and Access Management (IAM), together with WSO2 API Management, are essential to prepare your company for GDPR, since they comply with the main characteristics of the new regulation: customer data privacy, control policies to ensure the rights of users and the management of consent.
WSO2 is the technological partner par excellence of many global companies and institutions: governments, banks, telecommunication companies, among many others… having reached 35 million users. Amazing!
Main WSO2 clients
WSO2 can be your ally when facing GDPR, and driving the digital transformation of your company, making it grow, and keep growing. Find out for yourself!
If you want to know more details about WSO2 and GDPR, contact us; our representatives will address any question you may have.
