The new General Data Protection Regulation is set to come into action from May 2018, however it is important that all firms are getting GDPR-ready now. There are many changes under the new regulations that detail how data should be acquired, stored, utilised and destroyed after use, all of which mean changes in the way that companies’ IT infrastructure supports and enables these new processes.
Failure to comply with GDPR
There are a number of consequences for alternative investment firms if they are found to not be compliant with the new regulations from May 2018, including financial penalties. As well as this, companies could face legal cases and even long-term customer relationship damage and brand damage due to broken trust where customer information has become vulnerable due to lack of sufficient protection and care.
What is the “Data” covered under the GDPR?
Data that comes under the GDPR is referring to personal data, or anything that could be used as a tool to identify an individual – for example names, ID, financial information, addresses and more details like this.
Major changes within GDPR
Within the GDPR there are details about the acquisition of data, meaning that every contact you have must have opted in to receive communications from your company. At the same time, there are also greater regulations regarding security, so a secure network and IT infrastructure has never been so important.
Compliance supported by your IT
netConsult work hard to ensure the highest possible levels of security for all clients including improving security, simplifying processes and utilising resources effectively. Bespoke IT infrastructures and support mean that our clients can guarantee the highest uptime and therefore the highest possible levels of customer satisfaction for their customers.
Find out more about netConsult’s bespoke IT infrastructure services or changes with GDPR by giving the team a call today on 020 7100 3310.
Author: Laura Zverko - Follow us on Google+