Are you prepared for GDPR?

Comprehensive and structured General Data Protection Regulation (GDPR) compliance solutions from Sopra Steria

   The deadline for General Data Protection Regulation (GDPR) compliance is 25 May 2018. This far reaching legislation will transform the way organisations hold, store and manage data, requiring changes to data environments and processing systems as well as impacting on governance controls and customer engagement. 

Evidence gathered in May 2017 suggests that only 10% of organisations have advanced GDPR plans in place and a further 40% are at an intermediate stage. This leaves half of all organisations at the beginning of their compliance journey – and time is running out. That’s why an increasing number of organisations are looking for help, advice and assistance from a specialist GDPR partner to ensure they take the right steps to ensure timely and assured compliance.

What is GDPR?

GDPR is the new European legislation standard for data. It’s designed to strengthen data protection across the European Union (EU) and empowers individuals to take control of their data. GDPR puts in place strict governance for all organisations that host or use personal data – and the penalties for not following the rules are high. Organisations that fail to comply with GDPR face fines of up to 4% of global turnover. In 2016 alone there were 1.4 billion data breaches across the industry under the current regulations. The new GDPR fines could cost millions of pounds, severely impacting performance, profit and reputation.

Beyond data – the challenging journey to GDPR compliance

GDPR compliance requires a holistic approach that extends beyond just data. The challenge for many organisations is to balance the breadth, depth and granularity of compliance activities versus available budgets, resources and time. Typical pitfalls for many organisations centre around a poor understanding of the scope of activity required and the amount of time needed to implement key actions. In addition, a lack of senior sponsorship and inadequate engagement with peers and 3rd party support can hamper progress when looking to deliver GDPR ‘readiness’ in a timely fashion. This is where Sopra Steria can help. Our expertise and experience enable us to act as a highly collaborative and full service partner, ensuring our customers can move forward at pace with confidence to deliver timely and cost effective GDPR compliance.

Take a look at our comprehensive and structured GDPR compliance solutions and at ourblog "Regulation and compliance: the new certainties in life" by Miles Elliott, Director of Credit Risk.