Your Data Safe (YDS) Blockchain Platform to Help Companies with GDPR Compliance
How YDS (Your Data Safe) is Helping Companies with GDPR Compliance
Your Data Safe is offering clients a host of General Data Protection (GDPR) services to assist and enable GDPR compliance. Its doing this in 3 key areas dedicated to educating and assisting organizations in compliance.
GDPR applies to organizations or bodies that control or process data on people in the EU regardless of where the processing takes place. The GDPR is essentially an updated version of the Data Protection Act (DPA). If companies hold personal information about someone in the EU, they can assume that it falls within the GDPR. One common misconception is that it only applies to digital data but this is incorrect as it applies equally to both automated personal data and manual filing systems.
Data subjects (people) now have more rights under the GDPR and the fines for noncompliance and data breaches can be extremely severe. The level of the fines is determined in the UK by the Information Commissioners Office (ICO) and can be up to €20million or 4% of group turnover, whichever is greater. The level of these fines will depend on the nature and impact on the data subject. There are therefore significant business risks to consider.
In addition to the fines businesses need to consider operational costs to put right the issues caused; reputational and brand damage; orders to stop processing data; and criminal convictions.
What Do Organizations Have To Do To Become Compliant?
The GDPR includes provisions that promote accountability and governance. These complement the GDPR’s transparency requirements. While the principles of accountability and transparency have previously been implicit requirements of data protection law, the GDPR’s emphasis elevates their significance.
Companies are expected to put into place comprehensive, but proportionate, governance measures. Ultimately, these measures should minimize the risk of breaches and uphold the protection of personal data. In practice, this will mean more policies and procedures for companies, although many companies will already have good governance measures in place, and the process will be to review them and update them as necessary.
How YDS Is Helping
Considering that 80% of data breaches are from a direct result of staff being unaware how to handle personal data it is important that all employees have an understanding of GDPR and how it affects their working day.
The YDS insurance approved course will take staff through 4 areas of GDPR awareness – Overview, Principles, Rights, Responsibilities. At the end of the course, staff will be issued with a GDPR awareness certificate.
The YDS training course is supported by HFW Law, Endorsed by the Chartered Institute of Insurance, certified by AOFAQ.
GDPR knowledge and understanding is key not only for ongoing compliance but also in knowing how to handle data breaches and other requests such as Rights to Erasure. Organizations that do not have the resources for their own internal Data Protection Officer (DPO) can use the YDS Virtual DPO services to assist with all their requirements at the fraction of the cost of outsourcing.
How Will GDPR Affect Marketing?
We have already seen big corporations and charities deleting their customer databases through fear of non GDPR compliance. There were huge campaigns before May 25th 2018 (GDPR day) were businesses we asking contacts in their databases to ‘Opt-in’ to receiving information from them and to get consent for them to remain on the database. The public wasn’t aware of just how widespread the sharing and selling of personal data was but until GDPR consent from the subject wasn’t required.
Organizations need GDPR compliant ‘pure data’ to allow them to accurately market to individuals and they are willing to pay a premium for it. There are existing services available that offer organizations ‘modelled’ data but again if the individual is registered on the telephone and mail preference services then they cannot be marketed to so this service cannot be used effectively.
The European Commission predicts the value of the EU data market to reach 1 trillion euros by 2020 and currently, none of this revenue reaches the individual.
The YDS Solution For Pure Data Sharing
YDS are looking to disrupt this multi-billion euro industry and put the individuals firmly back in control of their personal data, not only from the aspect of consent but also from the aspect of monetization.
The YDS network will allow consumers to create a personal data profile that companies and third parties can use for targeted marketing. Consumers will always retain control of their own data via a self-sovereign wallet and will be able to opt in and out of different data pools.
Personally, identifiable information will be securely encrypted and will never be passed on to those 3rd parties, giving the consumer ultimate peace of mind that their personal data is safe. Consumers will be rewarded with YDST tokens each time their data is shared which they will be able to exchange for goods and services available on the site as well as trading and exchanging for Fiat.
YDS is more than just a concept, it is a real-world application for Blockchain and is already operating in the world GDPR compliance.