The deadline for compliance with the EU’s General Data Protection Regulation is tomorrow. The caveat: Many footwear brands aren’t ready.
But a spokesman for BDO USA said the accounting firm has teamed up with tech company IntraEdge in collaboration with Intel and Microsoft. The result: GDPR Edge, a tool that offers “blockchain-based” solutions for businesses.
“The consequences of noncompliance with the GDPR, which aspires to harmonize data privacy laws across Europe and safeguard citizens’ data privacy, are severe,” said Natalie Kotlyar, partner and leader of BDO’s retail and consumer products practice. “Brands whose customer data is affected in a hack can face fines up to 20 million pounds ($27 million) or 4 percent of global turnover — whichever is greater.”
According to the spokesman, GDPR Edge is geared toward “environments with an array of data sources, customer touch points and multi-point-of-sale systems,” such as retail.
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“[The solution] helps operationalize GDPR obligations on an ongoing basis,” explained the spokesman. “By enabling organizations to view disparate transactional data in a centralized location and simultaneously provide an external consent mechanism for consumers, GDPR Edge integrates GDPR into business processes, mitigating risk and streamlining compliance efforts.”
The solution also supports individuals’ data rights. (For example, the product’s portal “allows individual data subjects to review their collected personal information, modify it or request its removal.”)
Stephanie Giammarco, partner and national leader of BDO’s technology and business transformation services practice, said: “This centralized repository can be made available to data protection authorities, auditors and data governance professionals, as well as any other data collector or processor, meaning increased accountability, information transparency, accuracy, efficiency and auditability. Sweeping regulation calls for a stepped-up approach to information management.”
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