The General Data Protection Regulation is a regulation that passed by the European Union that requires businesses and IT Companies to protect the personal data and spell out how they manage and share personal data.
GDPR new data privacy rules will come into force on 25th May 2018 and set a new standard for data privacy and protection. Under GDPR, you will need to prove that you can list backed up data, manage data storage media, locate data and manage your data. However, any audited organization without a genuine data backup plan could be penalized. Non-compliance with GDPR regulations would cost huge financial penalties to the IT Companies.
According to the media report The Economic Times, “Only 30-35 percent of all IT/ITeS companies have started their journey to work towards GDPR compliance,” said Jaspreet Singh, Cyber Security Partner at EY.
Indian IT firms are struggling to comply with new data protection rules and finding it difficult to understand the GDPR data policies. EY’s Data Analytics Survey 2018 shows that 56 percent of Indian respondents are unfamiliar with the new regulation GDPR. For the Indian IT sector, almost 30% revenue of IT Services is from European Clients.
Top Indian IT Companies like Tata Consultancy Services, Infosys, Wipro and Tech Mahindra have declined to comment. BPO firm Genpact has identified “GDPR as a risk” in their 10K filing with the SEC with potential fines for violations of certain regulations. Data Analysts Warning states GDPR non-compliance and potential damages of breach of privacy of user data from EU could cost firm 4% of revenue.
We are only a few days away from GDPR enforcement, and IT firms are likely to take actions to comply with GDPR. Before it is too late, companies should be prepared for these data regulations.
Choosing Atempo solutions can help in getting you safely through a GDPR audit. Atempo’s Data Backup Solution (ALN and ATN) and Archiving solution (ADA) fully comply with GDPR and respect industry norms related to data backup, data recovery, data storage and accessibility.
For any query for GDPR compliances or data backup services, feel free to call us at +91-120-4155477.