This solution gives enterprises around the world the ability to understand what personally identifiable information (PII) they hold on European Union (EU) residents and access that information quickly when requested by employees or consumers. It also provides a systematic way for organisations to protect PII from breach, loss or damage. These elements are critical mandates required by the new regulation.
The solution comes at a time when many businesses around the world either don’t know how to prepare for the new regulation or are underestimating the effort needed to become compliant. New research commissioned by Veritas shows that less than a third (31 per cent) of organisations meet the minimum GDPR requirements today, despite the fact that the regulations take effect in just over a year’s time.
With maximum fines set at the greater amount of €20 million or four per cent of annual turnover, the penalties for non-compliance are severe. Also, this is not just an issue for companies based in the EU. It applies to any business around the world that interacts with EU residents and holds their personal data.
With this in mind, Veritas has launched 360 Data Management for GDPR. It includes an array of comprehensive advisory services and integrated software technologies. These not only help companies jump-start their compliance journey, but help maintain compliance at every turn moving forward.
“This is not just an issue for EU companies,” said Carla Arend, senior program director at IDC. “This regulation impacts any organisation that holds data concerning individual EU data subjects. This can be anything from a shopping history to employee records. It is imperative that companies immediately begin deploying solutions that will help them understand exactly what information they hold and let them manage that data in a compliant manner.”
“360 Data Management for GDPR plays a key role in helping companies accelerate their digital transformation strategies,” said Mike Palmer, executive vice president and chief product officer at Veritas. “At a time when data is your most critical business asset, giving companies capabilities that let them understand and gain valuable insights about their information provides advantages that go well beyond compliance. It can spur product and service development, as well as help them build loyalty as consumers begin to accept organisations as trusted custodians of their PII. This is an important transformational step towards a nimbler and digitally-driven operation.”