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News and Events
Commercial Risk Advisor – May 2018 - May 2018
Steps for GDPR Compliance
The European Union’s (EU) upcoming General Data
Protection Regulation (GDPR) comes into force on May 25, 2018, and will require U.S. businesses to protect EU
citizens’ personal data. Even if you don’t think you’re at risk, seemingly
innocent data such as online addresses from EU users could expose you to severe
The GDPR expands the definition of personal data and the
rights of data subjects, making it difficult to determine your requirements. Here
are some first steps to prepare for the rule:
- Conduct a data audit across
your entire organization. Determine what information is collected across all of
your organization’s departments and operations.
- Determine how the data is processed,
stored and retained. Identify which of the GDPR’s six lawful bases your business uses to
collect data, where data is stored, the recordkeeping process for data use and
your business’s policy on data retention.
- Examine your vendors’ and partners’
data management practices. Make sure that business partners such as cloud service
providers, payment processors and marketing firms are ready to comply with the
GDPR. Even if your own data protection measures are in place, you can still be
held partially liable for a vendor’s failure to comply.
- Create a plan that accounts
for the GDPR’s requirements on consent, data subjects’ rights and breach
notification. Meet with management, IT, legal teams and other stakeholders to create a
GDPR compliance plan that’s unique to your business. Keep in mind that your
plan should address how your business will collect and record data users’
consent to process information, comply with requests to delete or transfer
data, and report data breaches to supervisory authorities.
What is Blockchain Technology and How Can it
Improve Supply Chains?
Online technologies like smartphones, internet of things
networks and cloud services have helped businesses examine their supply chains
up close. However, a lack of transparency between vendors and the use of
separate management systems often leads to confusion, delays and lost business.
To solve these problems, many businesses have turned to
blockchain technology—a platform of encrypted, shared records that can be
instantly accessed by all parties involved in a supply chain. Blockchain
systems work by recording a separate record, or “block,” every time a supply
chain progresses. This record is then encrypted and used to verify all
subsequent blocks, which prevents alterations to records. And, because
blockchain systems can be viewed by all members of a supply chain, businesses
can get an instant and reliable idea of a product or task’s status.
Here are some of the potential benefits of a blockchain management
- Flexible scalability—A business can use a
blockchain system internally to track projects and other workflows, or multiple
organizations can share the platform to organize large-scale operations.
- Security—Records that use blockchain
are encrypted, verified and shared between all users. As a result, blockchain
is very secure against tampering and cyber attacks.
- Transparency—Advanced sensors and other
tracking technology can update blockchain records to give businesses an ongoing
view of a supply chain without fear of human error or biased reporting.
- Innovation—New services are beginning
to automate complex systems like contractual obligations, employee security
credentials and personal data protection using blockchain technology.
- Detailed analytics—Businesses can track individual products to gather
important information at any time, such as the origin of a dysfunctional
product or a food item’s expiration date.