2018 sees the introduction of an over-arching set of new regulation in the form of the General Data Protection Regulation (GDPR) that applies to almost every organisation that holds and process personal data on EU citizens. It’s introduction on 25 May herald’s new data protection rights for individuals. If you’re not compliant – and there’s no hiding behind the U.K’s forthcoming exit from the EU, you are exposed to the risk of huge fines, up to 20 million euros or 4% of your turnover – whichever is the higher.
Many firms have had compliance processes and teams in place for some time, others have just started and some still have their head in the sand. GDPR compliance is not a tick box item like passing your driving test which can then be forgotten until you reach the age of 70. GDPR compliance must be managed and maintained on an ongoing basis.
The PCI DSS (The Payment Industry Data Security Standard) introduced over a decade ago is now on version 3 and demands even greater care when handling sensitive card information.
Likewise, the Markets in Financial Instruments Directive framework was recently revised to accommodate changes in FinServ technology and extended to protect retail customers.
And, just when you might have thought it was safe to go back in the water, look out for an announcement at the end of 2018 on EU ePrivacy regulation which will addresses electronic communication to include Web, Internet, Email, telephone and instant messaging.
So, we are also talking about email marketing, telemarketing, online advertising, mobile applications and even the IoT (Internet of Things).
How Can Oak Help?
Oak Innovation provide a range of products and services focused on helping businesses to simplify adherence to standards and regulations.
Our call recording applications encrypt all recordings and provide virtually unlimited storage capability. When combined with CRM integration, every call can be tagged with a customer reference to speed up search and playback. The new GDPR Advanced Feature Pack includes features and reports to help you manage the GDPR right to be forgotten.
Oak Innovation also provide PCI DSS v3 compliant payment automation services that de-scope your office environment from sensitive card information. The agent assisted option enables front line staff to remain connected at all times, prompt for card information and monitor progress. The self-assisted option is a fully automated Payment IVR service, available 24/7.