Failure to prepare for the GDPR regulations could have serious consequences

GDPR Governance Service from Crayon is a comprehensive GDPR management and risk mitigation solution. Aligning to the required policies & process frameworks for GDPR can save organisations from potential risks. Says Rajesh Thadhani, Director Crayon Software Experts P. Ltd, “Failure to prepare for the regulation could have serious consequences, not only to your bottom line, but also to your customer relationships and brand image.”

GDPR & India

GDPR presents a good opportunity for India to drive thought leadership in the global market. Organizations can build expertise and capabilities, create new lines of advisory and consulting businesses, develop a market differentiator and be a source of competitiveness. With millions of people going online for the first time, protecting their vulnerabilities cannot be compromised. The Supreme Court of India has already demonstrated its commitment to its citizens when it declared privacy a fundamental right last year, and now with the passage of GDPR, the onus is now upon corporatesto play its part.

GDPR is sure to have a major impact on business operations. Organizations in India need to place compliance and data security as a priority, considering the cost for violating privacy laws is about to get very expensive. GDPR can cost businesses up to 20 million Euros or 4% of annual turnover, whichever is higher, for intentional or negligent violations. With these kind of stakes, investing in compliance now is the only right move for a sustainable business model.