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GDPR: It's Real, You Need to Get Moving


June 19, 2018

It’s been nearly a month since the General Data Protection Regulation kicked in. And we’re still talking about how businesses need to comply with this new European Union requirement.

That’s because new, expansive regulation like this can be hard to interpret and understand.

Also, some businesses like to sit tight until they see what regulators and enforcers are focusing on and policing the most. Sometimes delay in meeting such regulations is simply due to ignorance or lack of resources.

But businesses need to pay attention and figure out what they need to achieve GDPR compliance. Those that don’t stand to face fines of up to 4 percent of their global annual revenues or €20 million, whichever is higher.

Yikes!

The goal of GDPR is to standardize data protection regulations across the EU. Thomson Reuters (News - Alert) says “GDPR is arguably the biggest overhaul of data protection rules in two decades.”

Richard Henderson of Forbes Councils says in their quest to comply with GDPR organizations need to gain visibility into the endpoints connected to their networks, evaluate their current security baselines, ensure they have the right teams in place to address compliance, and be forward-thinking in what they should do to secure their customers’ data today and tomorrow.

Investing in a call accounting system is one way businesses can improve their visibility and improve their processes to address compliance.

GDPR is just the latest major new EU regulation to take effect. Another relatively new one is Markets in Financial Instruments Directive II.

MiFiD II makes it mandatory to record all conversations related to financial transactions on both personal- and company-owned mobile devices. MiFiD II means organizations are required to store such interactions for five years. It also covers conversations between both wealth managers and independent financial advisors, and their clients.

MiFID II is a follow-on effort to MiFID, which took effect November of 2007. MiFID set up authorization requirements for regulated markets; business and organizational requirements for investment firms; regulatory reporting to avoid market abuse; rules on the admission of financial instruments to trading; and trade transparency obligation for shares. MiFID also talked about the need to capture phone conversations, but it provided EU member states with the ability to decide which phone conversations to record.




Edited by Maurice Nagle

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