65% of global technology companies are not ready for European data protection law

65% of global technology companies are not ready for European data protection law

The global IT market is witnessing a state of alert, with the deadline for the European Data Protection Act coming into force on 25 September, which imposes new and diverse obligations on the production, handling, processing and protection of data of all kinds. Hardly affects all IT companies. The new law requires non-compliant companies to pay fines of up to 4% of revenues or 20 million euros, whichever is higher. This state of alert comes with 65% of the global technology companies reporting that they are not ready to comply with the law, while 53% of the organizations said they are not confident that all personal data is processed according to the express permission of the individual as required by law. Data protection In order to monitor this situation, Tik Republic has devoted a section to the presentation of updated reports that follow the developments and implications of this situation first hand. According to the information provided, in January 2012, the European Commission had put in place plans to regulate and develop data protection throughout Europe, where it took almost four years, until agreement was reached on what this should entail and how to implement it. One of the main provisions of the agreement was the issuance of the “Data Protection Act” or the so-called “GDR” European law, to apply to companies and institutions in all Member States. “The new law is a set of rules designed to give European citizens greater control over their personal data and to streamline the regulatory environment for businesses so that citizens and companies in the EU can take full advantage of the digital economy,” said Andrews Ansip, vice president of the European Single Digital Market. . “The philosophy of law is that every aspect of our lives revolves around data from social media companies to banks, retailers and governments. Data includes your name, address, domain, interests, credit card number, etc. These are data to be protected when they are produced, collected and analyzed And employment by companies and institutions ». Compliance with the law “Compliance with the law means that those who deal with these data should ensure that information is not lost, stolen or released by people who do not have the right to see it,” Ansip said. “By law, institutions should not only ensure that personal data is collected legally and under conditions Strict, but those who collect and manage them are obliged to protect them from abuse and exploitation, as well as respect the rights of data owners ». “If they do not comply, they face penalties of 4 per cent of revenue or 20 million euros, whichever is greater,” he said. “The public data protection law is to be applied to any organization operating within the EU, and any institutions outside the EU that offer goods or services to EU clients or companies, and that means that all the big companies in the world will need to be prepared and compatible,” Ansip said. With the law ». Insufficient readiness According to the timetable agreed upon in December 2015, the law will be officially activated on 25 May 2018. Although the deadline is approaching, inter-firm reports and surveys indicate that preparedness is inadequate and companies are not yet in compliance with the requirements of the law. The source of the current concerns, anxieties and expectations. In a recent survey conducted by F-Point Research on 235 multinational companies, 65 percent said they had no procedures for identifying and marking data, leaving them in the dark about the sensitive and secret content that they kept in their information, how it was used or Which means that these companies are not fully compatible with the new law, and then subject to the fine and penalties contained therein. Explicit permission Another study by Solix Technologies found that 22% of enterprises do not realize that they should comply with the Public Data Protection Act, even if they are based outside the European Union, but have data on EU citizens. The company’s chief executive, John Ottman, said 65 percent of enterprises were not sure they had personally disinfected personal information from all systems forever, while 53 percent said they were not sure the processing of all personal data was based on explicit permission from the individual. .

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