25 May 2018 is here - the day the new European Union General Data Protection Regulation (GDPR) protection framework kicked - South African businesses possibly feel the new regulations don’t affect them.
“We live in a global village now,” says Wayne Borcher, COO of SSA. “That means our data – and especially personal privacy - has to comply with regulatory requirements wherever it may be accessed across the globe. This, in addition to our own Protection of Personal Information Act (PoPI), is why it’s so important to have a team that understands what clean, usable data is.”
While large organisations and those in the Fintech sector have been preparing for GDPR for some time, Borcher says enterprises working on their digital transformation programmes must note that the technologies they use – including AI, Internet of Things (IoT), cloud, mobile and big data - may present challenges to compliance if risks aren’t fully understood and managed.
“According to reports, GDPR demands far more transparency and responsibility from all organisations that deal with personal data. The punishment for data breaches is brutal, with fines of up €20 million, or 4% annual global turnover – whichever is higher. It’s a staggering sum – especially when added to the fact that authorities will apparently publicise the details of the breach, leading to untold damages to reputation,” says Borcher.
Because any business is dealing with a combination of the systems, tech and human element, Borcher says it’s more important than ever to engage the most experienced team possible in your digital transformation or digitisation journey.
Says Borcher: “From having to prove to customers that they gave you consent to use their data, to accidental malicious breaches on your employees own devices (BYOD), cybersecurity and the protection of data is vital to staying in business. It really is that serious.”
Contact SSA now to speak to the team that can help you meet all the requirements your path to digitisation requires.