audit gdpr schools

GDPR | Seers Article

The cost of GDPR audit

In recent times, a global professional services firm named Ernst & Young published a report. The report
illustrated that 500 huge corporations of today’s world are on track to comply with GDPR and ready to spend $7.8
billion. The question here is how much will the GDPR audit cost to a small-scale organisation? The correct answer is, plenty of factors helps to balance the GDPR audit cost of implementation. For example, type, volume or size of your personal information your organisation tackles. GDPR compliance process consists of different steps and phases. Every single
level has its own cost and requires time accordingly, from the data discovery process to customer GDPR privacy
notification, to training employees.

Few things to bear in mind

First and foremost make sure that your organisation process the data of people living in the European Union. If the
answer is no, then GDPR does not apply to your organisation. If the answer is yes, then the factors mentioned below will
help you better find, what you might need. This list of elements will drive the complacence cost. Some of them
offering GDPR in a low amount and providing GDPR request templates.

The GDPR audit cost compliance inventory

1. Your organisation needs to be either a data processor or data controller. Because both of these are accountable
   to protect your data and there are particular requirements to be fulfilled by controller or processors.
2. Find out your risk factors; in case of any risk related to securing personal data, additional controls will be
   implemented.
3. The more significant number of categories, business lines, and process which handles data, effects the cost. The
   higher the number, the greater the value. Additionally, it is quite essential for your organisation to process
   all personal data.
4. Do know any many distinct repositories are being used to store personal data.
5. How many organisations does your entity share data with? Have you implemented processes to monitor vendor
   compliance?
6. For instance, your organisation transfer personal data to organisation non-EU countries. On that note, you have
   to verify that contracts with international organisations imposed GDPR requirements for the protection of
   personal data.
7. Your company should keep data to be used for the least amount of time needed.
8. To manage all the data the processes of accessing, correcting, updating, transferring, restriction, removing and
   storing personal data ought to be implemented.
9. Legal review of contracts is required to uphold that whether a Data Protection Addendum has drafted or signed by
   clients and vendors.
10. Additional requirements will apply if you are processing Children’s personal data.
11. Utilise tested penetration testers and vulnerability scan vendors to test security controls for the compliance
    of secure personal data.
12. To oversee privacy, Data Protection Officer (DPO) should be hired.

What if GDPR has not complied?

Do you know, there is a cost which has to be paid for not complying with GDPR You probably will have to pay either 20 Million Euros fine or 4% of annual global revenues to the supervisory authority of the EU. This should not be taken on a lighter note, because as the value of personal data increases the level of protection should also be raised. Otherwise, you will stand accused and forced to pay fines after the GDPR audit cost.

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