Why It's Time to Future-Proof Your Processes
Cybersecurity is always a hot topic, with plenty of concerns around the safety of personal data. Plus, with GDPR coming into force on 25 May 2018, companies across all industries will be scrambling to comply. Although important for every business, financial services – and other companies that handle extremely sensitive data – will be especially concerned.
Preparing for GDPR
The General Data Protection Act – GDPR – is the EU’s new crackdown on personal data protection. By putting stricter controls in place across Europe, the EU hopes to prevent things like cyberattacks, identity theft and unethical uses of data.
UK businesses need to be GDPR compliant by 25 May 2018, as the new act will replace the current EU data privacy laws – including the Data Protection Directive 95/46/EC – and effectively annul the UK Data Protection Act 1998.
Let's Not Forget Brexit
Brexit puts a bit of a spanner in the works for UK businesses too. Although set to begin Spring 2019, there’s plenty of negotiations still to happen, and more than a bit of uncertainty around the whole thing. Changes to laws and regulations could take years to come into effect, so no one is entirely sure what the state of play will be.
Unfortunately, we don't have all the answers, but we can help you streamline processes to become more agile and able to cope with whatever comes your way.
Here’s a few key points from GDPR that are generally good business practice anyway:
- Consent: Make sure data collection is super clear – pre-ticked boxes won’t cut the mustard anymore. Plus, you should get further consent if you’re going to share information.
- Transparency: No more hiding data processing practices – make sure you share detailed information notices about the type of personal data you hold and how you’re using it.
- The ‘right to be forgotten’: The new GDPR means that people can ask for their data to be given back, so they can transfer it to another data controller. But being able to search and extract data at any time is useful for normal business operations.
Complete visibility over operations and processes makes life a lot easier. SAP Concur offer a range of tools to help businesses get a real-time view of spending and reporting through various – and customisable – dashboards and alerts. You’ll be able to quickly and easily find the data you need to make informed decisions that benefit your organisation.
Ultimately, by handling data securely and responsibly today, you'll be prepared for whatever the future holds.