The Benefits of Being GDPR-Ready

Published in Member Communities on March 25, 2019

The culmination of HIPAA and the ever-growing cybersecurity threat due to the advancement of technology has made it increasingly important for organizations to take every precaution to protect private medical information. One tactic health care organizations are using is GDPR. If you’re unfamiliar with this seemingly obscure acronym, here is what you need to know about why you should get on board with GDPR now!

What Is GDPR?

It stands for General Data Protection Regulation. It went into effect on May 25, 2018, for the European Union but also applies to any businesses who conduct any relations with citizens of the EU. At its core, it is a privacy law that protects client confidentiality including protected health information. This means choosing the best technologies to safeguard information from the beginning to end of every data information transfer. It requires organizations to collect data legally and protect it from misuse, or they will be held legally accountable.

Why It’s Important to Be Prepared

Being ready for GDPR is not a simple task, but it is an important one. Even if you are a US-based business, it is essential that you are prepared as there are likely still people with whom you do business in some way from the EU. Because of the reach of the internet, and potential for data collection of EU consumers, it’s important to be prepared. There are many moving parts of GDPR and part of mastering it will include: understanding the technologies that hold or carry the data, awareness of risks, and how to build a compliance program in every unit of your organization.

How Can It Truly Help?

Less Likely to Get Hacked
The standards set out by GDPR have the potential to offset company-wide breaches. In a survey conducted by Cisco, organizations that adhere to the GDPR standards have fewer breaches and quicker recoveries from hacks. This is because it requires a complete overhaul of current cybersecurity measures. It makes your company stronger and prepared for an attack.

Increased Consumer Trust
When you have little to no breaches, consumers have a higher trust in your ability to protect them. Each time information is gathered, you will have communicated to them the purpose of the gathering and how it is safely maintained and destroyed when no longer needed. When they see that their personal information is respected and well taken care of, they will naturally have an increased sense of loyalty in return.

Decreased Costs
This comes as a surprise, but the investment in GDPR has the potential to decrease costs due to streamlined security procedures and fewer recovery costs of hacks. You can also expect lower litigation costs that are often the result of a security breach because you are doing everything in your power to protect patient data.

Are you ready to take the next steps in cybersecurity? Contact us today to see how your organization can become GDPR-ready.

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