New data protection laws will come into force across Europe in 2018. Is your business ready to comply with these new laws? The laws and regulations in question are called GDPR, which is short for General Data Protection Regulations. They will impact both data and call recording and storage because they cover the collection, recording and use of personal data.
These laws are in addition to the existing laws such as MiFID II (Markets in Financial Instruments Directive) and the vast myriad of other data protection and privacy laws. These all pose a risk to businesses that are non compliant as fines can be painful, especially for relatively small businesses.
They represent a minefield of red tape that is becoming increasingly difficult for small company owners to navigate. The objective of this guide is to help you to discover how you can make your businesses data storage, mobile and voice call recording telephone systems compliant.
The laws that apply to your business depend on various factors. These factors include the industry that you are operating in, the transactions that take place during phone calls and the type of information that you record.
Does GDPR affect my business?
First of all, GDPR replaces all existing EU member states' data protection laws. Therefore, they will impact your business if it is located in the EU. In the UK, Brexit means that all UK businesses must comply from May 2018 and will need to do so after Brexit if they still have customers located within the rest of the EU. This means that you should prepare to comply with these new GDPR regulations now.
The new GDPR laws confer specific rights to individuals, primarily as follows:
- The right to be informed.
- The right of access.
- The right to rectification.
- The right to erasure.
- The right to restrict processing.
- The right to data portability.
- The right to object.
- The right not to be subject to automated decision-making including profiling.
Bear in mind that these are the primary reasons for the implementation of these new laws. This is the EU doing its best to protect the population that it is responsible for.
Achieving GDPR Compliance with Horizone telephone call recording
To comply with the forthcoming GDPR (General Data Protection Regulation) rules that businesses must adhere to from May 2018 Horizone call recording and storage solutions can help.
These new UK wide data protection laws are addressed by our call recording, storage, reporting and securely encrypted voice communications systems.
Other advantages too can be gained using our call recording management systems. These advantages include placed order verification and processing, easier dispute and abuse resolution, call quality monitoring and staff call training.
Get MiFiD II compliant with our call recording systems
As call recording has become such a vital consideration for many UK and EU based businesses due to the new GDPR and existing MiFiD II laws, you must ensure compliance now. The MiFID II regulations apply specifically to IFA's (Independent Financial Advisers) or any business or organisations regulated in the UK by the FCA (Financial Conduct Authority).
Our call recording, management and storage systems will enable you to ensure that your FCA regulated business complies with these regulations. We provide full recording and data storage options for all your calls with a high level of secure data encryption included as standard.
To discover more about how Horizone GDPR and MiFID II Compliant technology can be put to use for your business, get in touch today. A member of our team will help guide you through our services. Don't take a chance with GDPR and MiFID II; find out how to get compliant today to avoid any potential future penalties.