Neo4j helps in easy handling of GDPR compliance strategies and reduce compliance risk.
Facebook recently lost $120 billion in market cap in a single day, citing three reasons for its Q2 earnings miss and lowered earnings expectations: the Cambridge Analytical scandal, global currency fluctuations and the General Data Protection Regulation, or GDPR. Yet it is noteworthy that Q2 2018 only saw five weeks where GDPR was in effect, and two of the three factors Facebook called out were related to influences from GDPR.
Over the past few months, consumers have grown weary of the overwhelming amount of emails, prompts, and mail that require they review brands’ privacy policies and agree to new privacy terms. Many of these are ‘all or nothing’ agreements where if you do not agree, the entire service in unavailable. This is non-compliant with GDPR, if parts of the service do not use personal data. These initial adjustments mostly address the gaping holes in GDPR compliance, and is only the beginning of a continuous period of adjustment leading to more comprehensive solutions.
This is due to the fact that most organizations are still not settled in to the new GDPR rules, as there remains the perception that GDPR regulations are something that a compliance, marketing or IT department should handle on it’s own. So as a result, many organizations ignored the foreboding signs of the new law. Other companies divided GDPR-related responsibilities amongst a handful of departments that don’t regularly communicate with one another, leading to gaps in data lineage, traceability, security and linking consents to usage of data. This is why taking a connected-data approach to GDPR is critical for alleviating headaches that stem from these kinds of inter-departamental scrambles.
Compliance has been an issue across a breadth of industries. Over $8 billion in lawsuits have been filed over GDPR breaches by independent parties and there has been four times as many reported data breaches since May in the EU. Search and ad-based companies are being impacted based on their public statements. Multiple companies are also fretting about outbound marketing difficulty, as some are having to clean up their databases of acquired leads as their lead sources were unknown or not trustworthy.
How to More Easily Handle Compliance
In order to address the problem, the first step is recognition that GDPR is not a marketing problem, an IT problem, or a security problem. Instead, it’s something that should be addressed throughout all departments within an organization with broad perspective to ensure no stone is left unturned.Employing technology like Neo4j that connects a subject’s personal data with consents, usage, and data location (among others) makes your compliance spend more strategic, as it provides comprehensive traceability to personal data. Such a connected data solution also grants access to in-depth business analytics. This will in turn help organizations discover new opportunities to serve customers better and operate more efficiently. As a result, organizations can also better ensure data governance and thereby reduce compliance risk.
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