Industry News Release
The original press release can be found here. This version may be edited from the original.
Mountain View, CA – March 22nd, 2017 – Veritas Technologies, the leader in information management, today unveiled an integrated solution that will help organizations directly address the forthcoming General Data Protection Regulation (GDPR). This solution gives enterprises around the world the ability to understand what personally identifiable information (PII) they hold on European Union (EU) residents and access that information quickly when requested by employees or consumers. It also provides a systematic way for organizations to protect PII from breach, loss or damage. These elements are critical mandates required by the new regulation.
The solution comes at a time when many businesses around the world either don’t know how to prepare for the new regulation or are underestimating the effort needed to become compliant. New research commissioned by Veritas shows that less than a third (31 percent) of organizations meet the minimum GDPR requirements today, despite the fact that the regulations take effect in just over a year’s time.
With maximum fines set at the greater amount of €20 million or four percent of annual turnover, the penalties for non-compliance are severe. Also, this is not just an issue for companies based in the EU. It applies to any business around the world that interacts with EU residents and holds their personal data.
With this in mind, Veritas has launched 360 Data Management for GDPR. It includes an array of comprehensive advisory services and integrated software technologies. These not only help companies jump-start their compliance journey, but help maintain compliance at every turn moving forward.
Key components of the 360 Data Management for GDPR Solution include:
- Providing expert guidance where and when it’s needed the most: Veritas has established a new advisory service designed to educate and transfer knowledge to global legal, compliance, and privacy teams as to how the solution can help meet the GDPR challenge. This expert team is chartered to facilitate GDPR workshops, conduct GDPR-readiness assessments, and implement core GDPR-specific technologies.
- Locating data for GDPR compliance: New regulations mandate that businesses must locate PII within a very short time frame. Veritas metadata analytics provides accurate data maps so companies can easily determine where personal and sensitive information is stored, who has access to it, and how long it is being retained. Companies can then take action on the data if required.
- Searching data for GDPR compliance: With GDPR, European residents have a right to obtain a personal copy of the data companies hold on them. Veritas machine learning technology can easily uncover directly and indirectly identifiable personal data to ensure individuals’ rights are met, including “right to be forgotten” requests. Additionally, Veritas’ easy-to-use eDiscovery tools help companies search, analyze, and produce relevant data to quickly satisfy requests pertaining to all regulatory and legal matters.
- Minimizing data for GDPR compliance: Under GDPR regulations, companies will need to retain regulated information. However, they also need to delete non-essential data on a regular basis. Through Veritas personal data classification offerings, companies can set policies that helps businesses retain the right information and delete the rest, helping to adhere to strict compliance guidelines.
- Protecting data for GDPR compliance: With GDPR, companies must have the right tools in place to protect data from loss, damage or breach. Veritas unified data protection delivers an end-to-end audit trail that demonstrates data protection and resiliency protocols are being met. Additionally, these data protection offerings are infrastructure agnostic, and work across on-premise, cloud and hybrid environments, giving businesses added flexibility to address compliance regulations.
- Monitoring data for GDPR compliance: When the GDPR takes effect, data controllers and data processors are required to file a data breach notification within 72 hours of an incident. Veritas predictive threat analytics helps companies automatically identify anomalous behavior and facilitates single-click investigations.
“This is not just an issue for EU companies,” said Carla Arend, senior program director at IDC. “This regulation impacts any organization that holds data concerning individual EU data subjects. This can be anything from a shopping history to employee records. It is imperative that companies immediately begin deploying solutions that will help them understand exactly what information they hold and let them manage that data in a compliant manner.”
“360 Data Management for GDPR plays a key role in helping companies accelerate their digital transformation strategies,” said Mike Palmer, executive vice president and chief product officer at Veritas. “At a time when data is your most critical business asset, giving companies capabilities that let them understand and gain valuable insights about their information provides advantages that go well beyond compliance. It can spur product and service development, as well as help them build loyalty as consumers begin to accept organizations as trusted custodians of their PII. This is an important transformational step towards a nimbler and digitally-driven operation.”