“The GDPR is the most significant privacy legislation that organisations globally have faced. The regulations have significantly raised the bar in how organisations are held accountable for their personal data collection and handling practices with fines for violations surpassing double-digits. Likewise, it has forced organisations to better understand how their customers’ data is collected, where it is stored, and whether they are selling it to third parties. Furthermore, under the GDPR organisations that collect and handle personal information must prepare for individuals to invoke their right to opt-out of data sharing practices or request their data to be removed (forgotten).
Since its inception in 2018, we have gained valuable insight into how the GDPR is being enforced. One discrepancy, though, is the impact on large and small businesses. Large businesses can handle the challenges of privacy, security and regulation compliance because they have access to the resources and can implement functions to address these regulatory requirements. In a smaller organisation, this is not the case. Small businesses have to rely on outsourcing to fix the problem, which can be costly and time-consuming.
Data protection is a journey, not a destination. As these regulations grow in scale and complexity, organisations of all sizes will continue exploring ways to meet these requirements without hindering business success.”
