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How important is risk management to comply fully with GDPR regulations?

Posted by Mark Hobart on Dec 20, 2018 12:44:00 PM

How important is risk management to comply fully with GDPR regulations

Any organisation with a commitment to good governance, financial stability and growth should already be aware of the importance of the General Data Protection Regulations (GDPR). Rolled out across the EU in 2018, GDPR places greater onus than ever before on all sorts of organisations – from big multinationals to smaller operators in the charity sector – to manage the risks surrounding data.

Of course, any risk that could impede business stability would normally be under the watchful eye of project delivery, corporate governance or risk management staff. What makes GDPR stand out is the degree to which it now forces organisations to take more robust steps in preventing data breaches than previously. If you thought risk management was important before GDPR, then know that things have now only ramped up. Why?

GDPR sanctions

Under the new regulatory regime, organisations that are found to have acted negligently with respect to the data they hold can be subject to big fines. Of course, it has always been a legal requirement under UK statute law to maintain some controls over data. What you risk by failing to adhere to GDPR is much more severe, however. The fines involved could crush some businesses and that’s before considering the reputational damage an organisation could suffer if it were to be sanctioned.

Managing risk under GDPR

GDPR makes it clear that you must act to prevent data losses and breaches from negligence, spyware or hacking. It is not good enough to take security measures after you have suffered a breach. Nor do the data regulators find it a defence that you thought your cyber security measures were adequate when – if it turns out later they have been breached – they were not.

What is needed is a regular set of risk assessments about each aspect of your data management in order to stay compliant. This needs to be documented properly as evidence that you have taken the appropriate risk management steps. The risk management strategy must look at all the ways data could be obtained illicitly by third-parties. This includes all of your paper documents and information stored on file backup systems - not just what happens to be in your customer database at any particular time.

How to stay compliant

Many organisations without the in-house knowledge to remain compliant with the risks associated with GDPR turn to outside expertise. This could mean running a full risk assessment consultation for you. In many cases, it is also about updating old software which provides too easy an opportunity for hackers to bypass cyber security systems.

Find out more

At Clearview Systems, we offer over 15 years’ worth of experience with business software, combined with in-depth knowledge of risk management issues. To find out more, to arrange a demonstration of our software or to take advantage of our efficiency and benefits calculator, why not give us a call today?

 Best Practice Guide To Risk Management

Topics: GDPR/Data compliance, Risk Management

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Best Practice Guide To Risk Management