There are a variety of risks associated with not being GDPR compliant. Among the most notable are the hefty fines your organization will face – which are hefty not only if you are based in the EU or EEA, but also if you serve any customers that reside there. Another significant risk is the potential to lose customer trust. In today’s world, customers are more concerned than ever that their data is being used unlawfully. If your organization fails to disclose which data you’re tracking and how it’s being used, or you do not offer a mechanism for customers to request their data, you’ll likely lose their trust and ultimately their business. The same applies for your prospects: in today’s See-Through Economy, if someone reads in the news that your company was found guilty of noncompliance, they’ll be hesitant to sign on as a client.
LogicManager is a SaaS solution, which enables us to deploy customer environments virtually and efficiently. This way, customers are up and running in the system within 5 business days.
Business Case Justification
Investing in robust software to support your IT Governance/Security Incident area of business pays off in the form of both hard and soft dollar savings. Let’s first consider negligence: once you are found guilty of it, the fees associated with hiring lawyers, consultants and internal specialists can skyrocket quickly. Luckily, negligence is 100% preventable – but without the proper software, it’s 100% inevitable. In addition to the incident and negligent legal liabilities you will face after a failure in IT risk management, you will undoubtedly suffer losses as a result of customer non-renewals and/or cancellations. It’s critical to consider today’s consumer expectations; when people find out their data is being taken advantage of without their agreement, they lose confidence in your ability to protect them. When customers are a key differentiator for your business, damage to your reputation = damage to your revenue.
GDPR compliance is a partial yet integral part of IT risk management, and the implications of failing to comply are enormous. The GDPR sets forth fines of up to 10 million euros, or in the case of an undertaking, up to 2% of its entire global revenue of the preceding fiscal year (whichever is higher).