Is your business ready for the increased privacy and data protection regulations coming in May 2018?
The Pillar Wallet for Business has you covered!
Data shows that most Businesses aren’t Prepared for EU GDPR Data Protection Enforcement
The EU General Data Protection Regulation (GDPR) applies to any company in the world that collects any personal data on an EU individual, even if it’s only their IP address. Not only must companies encrypt all personal data, businesses are also required to inform individuals on how each piece personal data collected is used.
The EU GDPR fines for data protection noncompliance are significant and daunting.
Wave goodbye to GDPR regulation headaches
The Pillar Wallet for Business handles all customer account creation and maintenance enabling businesses to focus on their core mission, instead of customer management and data security. Our solution places individuals back in control of their data, providing protection, security and compliance with all upcoming, required regulations.
Summary of GDPR Requirements
- Applies to all organizations located in the EU and all organizations outside the EU offering goods & services to
individuals in the EU - Individuals must be informed of: who is collecting their data, what is being done with it, and who it is shared with.
- Individual must consent to all personal data that is being obtained by the business.
- Businesses must safeguard and encrypt personal data, and report any breach quickly.
- Individuals have a set of rights, including the rights of access, to object, to erasure and to restrict processing.
- A business must be able to demonstrate compliance by tracking each use of personal data and provide data usage
tracking reports to individuals and authorities upon request. - Fines for noncompliance up to €20 million or 4% of worldwide annual turnover.
GDPR-compliant solutions for Consent and Access Management
Sounds daunting, right? What if you could offload your customer account creation and maintenance functions and have the customer in control of their personal data? This is one of the goals of the Pillar Project: to give each individual control over their personal data. The Pillar Wallet becomes an individual’s personal data locker that they control. The Pillar Wallet provides data protection, security and the interoperability needed to effectively operate in the world of today and tomorrow. This enables businesses to focus on product development, instead of customer management and data security.
The Pillar Project provides tools and processes that allow businesses to integrate to the consumer Pillar Wallet. Customer account management and access to all of the consumer rights identified in the EU GDPR regulation are managed or initiated in the Pillar Wallet. Pillar’s GDPR solution provides a common interface for the consumer and eliminates development effort for your company.
The Pillar Wallet for Business Satisfies Most GDPR Requirements:
- GDPR Individuals’ Right
The right to be informed: encompasses your obligation to provide “fair processing information”, typically through a privacy notice. It emphasises the need for transparency over how you use personal data.
The right of access: Individuals have the right to obtain: confirmation that their data is being processed; access to their personal data; and other supplementary information.
The right to rectification: Individuals are entitled to have personal data rectified if it is inaccurate or incomplete.
The right to erasure: This is also known as “the right to be forgotten”. This enables an individual to request the deletion or removal of personal data where there is no compelling reason for its continued processing.
The right to restrict processing: Individuals have a right to “block” or suppress processing of personal data.
The right to data portability: This allows individuals to obtain and reuse their personal data for their own purposes across different services. It allows them to move, copy or transfer personal data easily from one IT environment to another in a safe and secure way, without hindrance to usability.
The right to object: This right applies to processing based on legitimate interests or the performance of a task in the public interest/exercise of official authority (including profiling); direct marketing (including profiling); and processing for purposes of scientific/historical research and statistics.
Rights in relation to automated decision making and profiling: This provides safeguards for individuals against the risk that a potentially damaging decision is taken without human intervention.
- Pillar Wallet Functionality
The information you supply about the processing of personal data is displayed to the individual in a concise, transparent, intelligible and easily accessible manner. It is displayed at the time that the personal data is obtained by the business. It also includes information on the other rights available to the individual.
The wallet can generate a subject access request to your business, then display the requested data to the individual. The wallet can also receive, display and store Consent Receipts from the services where you have granted access.
When personal data that your business has obtained is changed, the wallet prompts the individual to communicate that change to you. If the wallet is aware of any third parties that you provided that information, it can initiate a change request to them as well.
The wallet can generate an erasure request to your business. If the wallet is aware of any third parties that you provided that information, it can initiate an erasure request to them as well.
The wallet can generate a block request to your business. If the wallet is aware of any third parties that you provided that information, it can initiate a block request to them as well.
The wallet can generate a data portability request to your business. The resulting data can then be transferred to another organization of the individual’s choosing.
The wallet can generate an objection request to your business. If the wallet is aware of any third parties that you provided that information, it can initiate an objection request to them as well.
The wallet allows an individual to request human intervention, express their point of view, and obtain an explanation of the decision and challenge it.
Next Steps
As the Pillar Project continues to evolve these data protection solutions and as the Pillar Wallet gains mass adoption and evolves into a personal data locker, this platform becomes a valuable integration point for many businesses. Pillar plans to provide services to allow consumers to search across companies for insurance, financial services, and many other products and services.
If your business is interested in becoming part of this effort, please contact us to learn more and to identify how you can participate with this project.