Data security has been front page news the past couple weeks with data-sharing scandals and allegations that personal data may have been used to attempt to influence the outcomes of the 2016 U.S. presidential election and the Brexit vote. Companies involved in these types of scandals face more than potential drops in market value and loss of customer trust; they face an onslaught of questions and concerns about privacy policies and how they do or do not protect user data.
Interestingly, the timing of recent scandals could not be more apropos. They came to light just as companies across the globe are creating policies and procedures to properly implement and comply with the General Data Protection Regulation (GDPR), the most extensive EU data privacy law in twenty years, set to be enforced starting on May 25, 2018.
The regulation aims to strengthen and standardize user data privacy across the EU, but its ripple effects go far beyond Europe. Any organization that collects the personal data of an EU citizen must comply with new rules on how that data is treated, regardless of where the organization itself is located. Non-compliance could result in severe financial penalties of up to 20 million euros.
So, while it's critical to comply, it will be a challenge for many companies. Ultimately, however, it's for the greater good. For example, the GDPR brings forth a new set of "digital rights" for EU citizens, which are meant to protect electronic records in an age where personal data holds significant economic value. New laws are needed to ensure our right to privacy as more and more personal information is stored electronically.
To make the process easier for you, we've created a new course on Litmos Heroes to prepare your team for GDPR. Here's a free, animated explainer video to help you get started on training your employees on these new regulations. Please take advantage of this valuable resource!
While the latest security scandal certainly won't be the last, many companies have put data security at the very top of their priority lists and are doing their absolute best to protect and respect customer and employee data.
We live in an unprecedented time, where our personal data lives in the cloud. This forces us to place a deeper level of trust in the companies we do business with. There's a new brand of business ethics being developed and defined. There will certainly be more global regulation going forward, but recent events have also opened the important discussion of what's right -- the ethics of handling information. Companies will need to create comprehensive policies, even beyond legal regulation, and then regularly train employees on the treatment of data.
We hope you use Litmos to deliver that exceedingly important training.