2. January 2018
Regulations come and go around the world, and some are tougher than others. The General Data Protection Regulation (GDPR) is one of the tough ones—carrying a penalty that is designed to be high enough to put a company out of business in the EU. Those not meeting compliance standards can result in fines of up to $20 million or 4% of global annual turnover for the preceding financial year – whichever is greater.
Ironically, a recent report finds one in four US companies don’t know if they’re prepared to meet GDPR compliance standards – despite the fact that the standard takes effect on May 25th, 2018. The challenge is due in part to confusion on behalf of many companies primarily because there is not one software solution to buy that can help each corporation comply with the standard. Rather, it is up to each company to make sure that EACH technology vendor they use can comply with the standard.
What’s key to compliance? One word: Pseudonymization. In the most simple of explanations, it means that no data record for any individual can be stored in a way that a hacker could grab one file – and get complete data on any one person. Any data must be stored in a more than one data repository, so that individual’s total set of details is protected should once file of information or another be breached.
Given the vast amounts of personal data in a Partner Relationship Management (PRM) solution – the stakes are high for companies to get it right. Fortunately, if your PRM solution is not GDPR compliant, it’s not too late. With Impartner PRM, we can have you up and running with a new PRM solution in as few as 14 days and will be GDPR ready by the deadline.
Click here to take a demo and find out how we can help you make sure your company can not only pseudonymize data to GDPR standards but also provide your partners with a world-class partner experience that can increase your channel revenue 31 percent.