The General Data Protection Regulation (GDPR), which went into effect in May 2018, intends to protect EU citizens’ data and information privacy. The regulation emphasizes the need for enterprises doing business in and with the EU to be responsible for its people’s data. Individuals, prospects, customers, contractors, and workers gain more control over their data as a result of the regulation, while corporations that collect data for monetary gain lose control.
Non-compliant corporations are subject to substantial fines of up to 4% of their annual global revenue, according to this rule. Organizations must undertake a GDPR assessment to comply with the GDPR, which allows them to identify important risk areas and develop an action plan to minimize them. The deployment of GDPR assessment tools is accelerating as the frequency of data breaches and identity theft continues to rise.
The Effects of the COVID-19 Pandemic on GDPR Assessment Tools Market
In the wake of the COVID-19 pandemic’s rapid spread, businesses and organizations from all walks of life have taken steps to protect their employees and consumers in the face of this public health disaster.
During the pandemic, many firms adopted homeworking policies, and this abrupt change in the homeworking environment has introduced various data protection risks for which organizations were unprepared, particularly in terms of personal data protection issues. As a result, enterprises use numerous GDPR assessment tools to comply with data protection rules and to protect themselves from potential data breaches.
The market for GDPR Assessment Tools: – Key Players
- Commvault Systems Inc.
- Softcat Plc
- Mimecast Services limited
- IBM Corporation
- Microsoft Corporation