While GDPR (General Data Protection Regulation) only applies in EU, its effects will be seen all over the world. There are hundreds and thousands of organizations operating in EU or handling citizen data. Without GDPR compliance, there will be no further business from EU companies, and non-compliance charges are miserably high. So, if you think that this might not affect your business, then you cannot be more wrong. Unless your company practically does no business with EU or does not deal with data of EU citizens.
We all know what GDPR is, it’s been in the news for a while now. If you are not aware, I strongly recommend you to visit my previous blog – What Is GDPR? Are You Ready For The Challenges?
One question that keeps coming back to me is – Is GDPR similar to SoX? Let’s see.
As I mentioned in the previous blog, SoX created the same havoc around the world when it was introduced 15 years ago. If you are in this industry for long, you might recall how SoX came as a big challenge for everyone. It took a lot of time to understand even its compliance regulations. However, today, the industry is prepared to encounter new challenges. As everyone knows the importance of protecting the customers, investors, management, and other stakeholders from potential risks.
GDPR is becoming a reason for concern since the majority of the non-EU organizations are unaware of the data privacy rules and practices. And no matter, how much we try, we have very less time to start reacting to this change. It’s now or never situation because GDPR will be regulated from 25th May 2018.
For SoX, staying compliant and managing the cost of compliance has been very tricky. Every business has come a long way in maintaining SoX compliance and applying new better approaches such as implementing automated solutions like SAP GRC, etc. Hence, reducing the costs. Further, there are around 850 providers who deliver the best GRC services across the world to all size of enterprises/companies. A similar scenario is going to haunt us in case of GDPR as well. No wonder, everyone is stressing over this new regulation.
The feedback from the industry experts reveals that GDPR will give us a hard time, but growth in technology-driven businesses will prove to be a helping hand. During the initial days of SoX, handling piles of documents, files, and certifications consumed a lot of our time. But now, organizations can use the past experiences and techniques of efficient management for successful implementation of GDPR.
Read more: https://togglenow.com/blog/is-gdpr-another-sox-the-pros-and-cons-of-gdpr/
