It is impossible to underestimate the significance of the European Union’s (EU) General Data Protection Regulation (GDPR). It is regarded as the most important change in data privacy regulation in recent times, and a long overdue update to reflect the internet era and the type and volume of data held by organizations on consumers.
GDPR aims to protect EU citizens from privacy and data breaches, and although this a very worthwhile objective it does place an additional set of demands on businesses that hold that data. Failure to achieve compliance with GDPR could result in penalties of up to €20m or 4% of annual turnover, whichever is higher, so it is vital for organizations to ensure they are fully compliant.
Perhaps the greatest challenge for organizations that need to be GDPR-compliant (that includes any firm that holds data on EU citizens, irrespective of where that company is located) is the sheer volume of data that is held on consumers in 2019.
Even the smartest and most efficiently-managed organization holds data in a multitude of different locations and siloes. There are traditional data storage options – CRM systems, ERP, file servers – but also data is stored in people’s inboxes, on their local file storage options, in the cloud, on memory sticks and in many other places too.
So even locating the data needed to be GDPR compliant is a major task, which is why we have brought the power of our augmented intelligence platform to the new Squirro GDPR application. We believe that augmented intelligence is most effective when deployed for a specific purpose and this is a great example of that.
A feature-rich application to enhance GDPR compliance
Squirro GDPR application comes with a range of features that give compliance officers complete peace of mind that GDPR compliance is achieved and reduces the exposure to a fine that could devastate an organization.
The application will save thousands of man hours spent manually searching for GDPR-relevant data, by automatically searching across data sources all over the company. It can even access unstructured data – a major advantage over many GDPR tools. Squirro’s GDPR Application uses Squirro’s cognitive search functionality – which has long been recognised as one of the most innovative and powerful technologies of its type – to locate GDPR data.
Once the data has been found, it is classified according to user preference, such as name, email or address, and presented back to the user via a bespoke GDPR dashboard. This easy-to-understand dashboard is a crucial part of the process. If any consumer makes a request relating to the data held on them, the organization holding the data must respond almost immediately.
The GDPR dashboard highlights these requests as soon as they come on, but Squirro GDPR Application also connects to generic inboxes to ensure that any requests do not get missed.
Don’t delay GDPR preparation any further
Given the importance of GDPR, one would think that firms would take it very seriously, but it is clear that a number of organizations are not completely ready, despite the 25 May 2018 deadline having long passed. France’s data protection regulator, CNIL, has just issued Google a €50 million fine (around $56.8 million USD) for failing to comply with its GDPR obligations. This is the biggest GDPR fine yet to be issued by a European regulator and the first time one of the tech giants has been found to fall foul of the tough new regulations that came into force last year.
Businesses must be pro-active as they seek to remain GDPR compliant and that involves using the best tools. Time is running out and our new application is available out-of-the-box ready, enabling organizations to begin immediately with GDPR preparations.