GDPR: Data governance and analysis in financial markets
(GDPR), European legislation due to come into effect in May 2018 means that organisations must disclose data breaches within 72 hours, or face potential fines of up to 4 percent of revenue. So what can organisations do now to ensure compliance?
Identify your data
Your firm must determine what personally identifiable information (PII) it stores and where it resides across your structured databases. You are also required to identify data within your unstructured data stores, such as email, files, and instant messaging.
Understand what you hold
Once you understand what data you hold, you will need to identify what is redundant, duplicate, obsolete, and/or trivial data, and then identify what data is relevant to GDPR legislation.
Managing the information
You now need to decide how to manage the information you already hold about individuals and how you will manage any new information you collect each day, such as what you collect; how long you will store it for; and where you store it. GDPR says that customers have a “right to be forgotten” and, therefore, if requested by a customer, you will need to remove their data within 24 hours.
The goal of GDPR is to ensure that individuals’ data is protected. That means it’s essential to ensure that information management platforms reside within secure environments. From data storage, backup and data recovery, to encrypting data and customer records to protect them from potential internal and external threats are key strategies for consideration.
Detail your procedures
It is crucial that organisations demonstrate that they are taking positive steps to meet the new requirements to regulators.
Changes in running profiling and analysis
Finally, GDPR is also likely to lead to changes in the way companies run their analytics projects. The requirement to protect personal data means that much more will need to be done by way of anonymising data before it can be analysed.
If you’d like to understand more about how Advanced Logic Analytics can help with your GDPR data project, contact us on: firstname.lastname@example.org