How can GDPR compliance software make a difference for your business?
Since the dawn of the web, advancing technology has opened countless doors for businesses of all sizes. Most business owners and executives today would never have dreamed in the 1980s that they could one day reach a global customer base with a tap of a screen. Of course, along with these new opportunities have come new challenges, including complying with critical regulations and standards.
One of the most critical regulations is to comply with is GDPR, which can take time and resources that may not be easy for your business to take on. If you’re looking for a way to make your compliance process smoother, GDPR compliance software could be the key.
What is GDPR compliance software?
GDPR compliance software is an emerging technology designed to automatically assess your compliance. The tool scans your system, taking stock of your data collection practices, opt-in requirements, and more. In the process, it checks off its own checklist of requirements for GDPR compliance.
From there, the platform gives you a detailed list of which GDPR requirements you meet and which ones you don’t so you have a clear to-do list to become GDPR compliant. When you’ve met all the requirements, the software’s report serves as a verification of your compliance.
Benefits of GDPR compliance software
Why should GDPR compliance software be a part of your business’s toolbox? This specialized software is an investment that can save your business time, resources, risks, and more.
1. Saves you time
Your time and the time of your team is valuable, and every minute you’re spending on your GDPR compliance is a minute you aren’t spending doing something that could grow your company’s profits. An automated GDPR compliance program can give you back dozens of hours of highly qualified technical professionals’ time.
The process of becoming GDPR compliant is already time-consuming enough, between modifying your data collection processes, drawing up necessary policies, retraining your staff, and so on. You don’t need to add hours of time going through checklists and investigating the depths of your website or app if you have GDPR software handling this part of the process.
2. Saves you resources
There are a few ways to go with your GDPR compliance. You could hand the responsibility to your in-house technical staff, who may be learning about GDPR compliance on the job. After all, the law has only been active and enforced for about three years, so most technical professionals will have set up GDPR compliant systems once before if at all. When you take this DIY approach, you run the risk of costly mistakes.
The next option is to hire an outside GDPR compliance consultant. These professionals have dedicated experience in this one specialty, so you can rest assured that your compliance will be accurate and thorough. But, of course, these consultants’ fees can be high because they’re so specialized.
GDPR maintenance software allows you to split the difference. You’re less likely to need a specialized consultant, but your in-house team also has a tool that ensures they aren’t missing anything in making your business compliant.
3. Lowers your risk for hefty fines
GDPR compliance is a high-stakes task because the fines for violations are incredibly high. For even minor violations, you could be fined €10 million or 2% of your total annual global turnover, whichever is higher. Serious violations carry double the penalty: €20 million or 4% of your global annual turnover.
GDPR software lowers your risk of unintentionally violating GDPR and finding yourself with a multi-million-dollar fine. Protecting your business from this level of risk is enough to make the investment in GDPR software worth your while.
4. Provides ongoing compliance maintenance
GDPR software is useful for setting up your business for compliance the first time because it directs you to the areas that need attention. It’s also useful, though, for making sure your business stays compliant despite any updates or adjustments you make in the future.
An automated GDPR compliance platform can scan your system on a regular basis with no added work on your part, looking for any ways you may have fallen out of compliance since your last scan. If updates to your site or app have disrupted your compliance, the automated platform will alert you to the problem so you can address it right away and avoid potential fines.
- Enhancing trust and credibility
GDPR compliance isn’t just something you need to avoid legal fines. When you start engaging with new vendors, partners, or other stakeholders, they’re likely to request proof that you’re complying with all the necessary regulations, requirements, and safety standards. GDPR will probably be on that list.
When you use GDPR software, you’ll receive a report from the software showing that you’re compliant in every requirement. This provides clear proof to stakeholders that you’re taking the necessary precautions and, overall, that your business is a well-run operation led by professionals who know what they’re doing.
Add GDPR to your toolbox
Your GDPR compliance checklist
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PCI Compliance Selection Guide
Determine Your PCI Compliance Level
If your organization processes, stores, or transmits cardholder data, you must comply with the Payment Card Industry Data Security Standard (PCI DSS), a global mandate created by major credit card companies. Compliance is mandatory for any business that accepts credit card payments.
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