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Is Your Finance Department Ready For GDPR?

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Is Your Finance Department Ready For GDPR?

If you’ve spoken to other people, or done an Internet reading, then odds are you’re already preparing for GDPR. On May 25th, the new law comes into effect, and regulators will be able to impose heavy fines for non-compliance. And while GDPR does impact the whole business, its finance who are going to feel the pressure the most. Is Your Finance Department Ready For GDPR?

 

Key Differences Between GDPR And The Data Protection Act

 

  • Severe penalties for non-compliance (which are much harsher than previous penalties for breaches)

 

 

  • Geographical reach (which spans to any business in the EU, or dealing with EU citizen data)

 

 

  • Customer rights (which are more robust and protected, and affect more data than any other previous law)

 

 

  • Privacy by design (in other words, data protection should be thoroughly embedded into all finance practices)

 

 

Ultimately, GDPR takes our existing Data Protection Act and strengthens the rights of individuals over their data, and places more responsibility onto businesses to ensure that data is acquired with the required consent and protected properly

 

GDPR For Finance Departments

 

So what does GDPR mean for finance departments? Well, your department will be dealing with some of the most sensitive data the business is likely to see. Bank account information for clients, suppliers and employees, purchase orders and more all flow through finance, and this is a huge responsibility. If the finance department suffered a data breach, it’s possible that there would be enough information taken for criminals to take over customers’ accounts, steal funds and even commit identity fraud. So finance departments need to be particularly vigilant in their approach to compliance.

 

At Tipac, we work within finance departments to help them create a single, systemised database, complete with secure automated workflows and processes to keep your data safe. Our experts can custom design a full content management solution that slots into your existing systems, making them more secure and the data easier to manage. While preparing for GDPR is a company-wide responsibility, as a department finance needs to be at the forefront. To find out more about how we can help secure GDPR compliance for your finance department, just get in touch with us today.