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Gemalto on General Data Protection Regulation (GDPR)
We will continue to see the tightening of the regulatory environment with respect to data privacy and enforcement of penalties on firms
With reference to the upcoming GDPR enforcement on May 25, Gemalto, the world leader in digital security, released a statement.
Rana Gupta, VP – APAC Sales, Identity and Data Protection, Gemalto, said: "As regulations catch up, Data Privacy has fast evolved to become a matter of survival for companies. Companies (Boards) that continue to ignore this, risk becoming non-existent almost overnight in the wake of any data breaches.
"Post the enforcement of Mandatory Breach Notification in Australia earlier this year, Australian organizations reported 63 breaches in the first 6 weeks. Every breach incident has the potential of long-term reputational damage to the impacted organization.
"The fast-approaching GDPR enforcement date has already resulted in the undertaking of massive changes to consumer data collection and processing practices, especially in consumer-led markets. As a result, we will continue to see the tightening of the regulatory environment with respect to data privacy and enforcement of penalties on firms, as well as fiduciary officers in the wake of data breaches resulting out of inadequately protection measures.
"Companies need to realize a breach is inevitable and key stakeholders, their customers, expect them to take reasonable measures to prevent breaches in the first place, and when that fails, to respond quickly and appropriately. GDPR mandates this practice for companies that operate in EU or company doing business with EU citizens. Questions remain, however, around implementation, interpretation and administration of the data protection practices – and these will need to be ironed out as the GDPR becomes enforceable.
"In order to be compliant, a business must begin introducing the correct security protocols in their journey to reaching GDPR compliance, including encryption, two-factor authentication and key management strategies to avoid severe legal, financial and reputational consequences."
