The preparations you need to make ahead of GDPR

The Ultimate GDPR Guide for Marketers and Businesses

FCA provides GDPR reminder for financial services firms

"I got into security before anyone cared about it, and I had a hard time finding a job", said the 46-year-old, who is the data protection officer (DPO) of analytics startup Sumo Logic in Redwood City near San Francisco. Organizations need to follow the "bit train" of data as it moves through and outside the organization. It also governs the processes businesses use for managing that personal data.

At one end of the scale, many United Kingdom businesses are under-prepared for GDPR with just 100 days to go before the compliance deadline on 25 May 2018, but at the other end, businesses are embracing the benefits.

According to the new Forrester report, modern marketing tactics like cross-device stitching and location-based mobile advertising create new privacy risks, forcing businesses to be more conscientious of customer privacy and security constraints.

"The awareness around GDPR is generally good, but the level of readiness is all over the map", he said.

United Kingdom regulators have reminded banks and other financial services firms they will have to comply with multiple sets of European data protection rules in the coming months.

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We would recommend that RSLs start making preparations now for the GDPR coming into force. "It's either viewed as a simple tick-box exercise or an issue exclusively for the marketing or IT team".

We have been advising a number of our Registered Social Landlord (RSL) clients in relation to their preparations for this new law and it is clear that it is not just tenants and employees that RSLs need to be aware of in terms of data protection and compliance with GDPR.

For some businesses, compliance with the GDPR will represent more of a challenge than for others.

Many organizations still focus their sales and business interactions to North America, which of course means they may not be affected.

As the fund management industry gears up for the GDPR transition, we at GoBuyside are ready to equip your organization with the personnel to meet all your data protection needs and requirements.

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The DMA Group, which includes the Direct Marketing Association (DMA), is also marking the 100-day countdown mark with a positive outlook. Forty-two per cent of the respondents indicated they do not have procedures and internal processes to handle personal data.

Labelled the "GDPR Knowledge Base", the online platform contains all the information advisers need to understand the regulatory changes ahead of the May 25th deadline. For many, it will depend on how seriously data protection issues have been considered and dealt with up to this point.

Who can you pass data to?

It is not quite taking a new broom and sweeping away the entirety of what we have had for the last 20 years or so, but it is a good tidying up of established principles and should make businesses take a fresh look at how they collect, use and take measures to protect personal data.

Failure of RSLs to comply with their obligations and respond to individuals exercising their rights under the GDPR could constitute a breach of the GDPR and result in a significant financial penalty.

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GDPR should provide definitive impetus to help address data management, effectively, efficiently and sustainably. The GDPR has been described as the data protection directive on steroids, as the ramifications of non-compliance were ramped up and certain ambiguities in the ladder were resolved by the GDPR.

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