M-Files Releases New Solution to Support GDPR Data Protection Compliance
M-Files has released M-Files GDPR, a new solution that enables companies to better protect and manage the personal data of their EU-based customers and prospects in a manner that complies with the requirements of the General Data Protection Regulation (GDPR).
Due to take effect in May 2018, GDPR simplifies and harmonizes data privacy laws across Europe and gives citizens in the European Union (EU) better control of their Personally Identifiable Information (PII). Financial penalties for organizations that fail to meet GDPR requirements can be up to 4% of a company’s annual revenue or 20 million euros, whichever is higher. According to M-Files, research indicates that with less than a year before GDPR goes into effect, many organizations are ill-prepared for this new regulation.
M-Files GDPR is aimed at helping organizations control and protect the personal data of their customers and prospects as required by the new regulation. A mandatory aspect of GDPR compliance is the ability to demonstrate and prove that personal data is being protected, and according to M-Files the new solution makes this possible with audit and reporting capabilities that allow companies to efficiently produce the documentation and other information necessary to respond to auditors' requests.
To be in compliance with GDPR, organizations must ensure that explicit policies and procedures are in place for handling personal information, and just as importantly, the ability to prove that those policies and procedures are being followed, said Mika Javanainen, vice president of product management at M-Files Corporation. With M-Files GDPR, he noted, organizations can implement and enforce policies and processes associated with handling and protecting personal information, and show that they are committed to complying with the regulation.
For more information about M-Files GDPR, click here.