“Data is a precious thing and will last longer than the systems themselves.” – Tim Berners-Lee, father of the Worldwide Web.
There has been much buzz lately around data security and privacy. We’ve all seen Mark Zuckerberg sit through yet another interrogation round in front of the mighty U.S. Congress to defend the 87 million people, most of them in the U.S., whose data was improperly shared with research firm Cambridge Analytica1. This last episode of the lackadaisical data breach is like the proverbial ‘straw that broke the camel’s back,’ and a revolt is making its way with the GDPR2 (General Data Protection Regulation), bringing into effect May 28, 2018 compliance regulations that are aimed at bringing standard, bigger “improvements to data collection, stewardship and sharing.”3
Some may turn a cheek at the moment because GDPR has come across as applicable to EU organizations, or European citizen, data only. I wouldn’t turn that cheek too far because, for one, the GDPR doesn’t only apply to Europe. It does affect the export of data outside of the EU, which equally infers organizations that interact with European citizens or organizations must comply. Secondarily, unless you have a budget set for non-compliance penalties, you don’t want to be determined non-compliant because the fines and penalties can be quite steep. How about a whopping fine that can result in up to 4% of trailing annual gross revenue! To put this into perspective quickly, for a company that has $2 billion in annual gross revenue, one penalty would put a hefty $80 million fine in your lap.
You may be asking yourself: Why is FuelNOW writing about this? What does this have to do with FuelNOW’s digital technology stack? Well, in my eyes, this is quite an important dynamic to the success of the solutions we bring to our customers. It goes without saying that delivering feature-rich technology that disrupts an industry and drives digitization to new heights is one dimension of what we are committed to every day. In our eyes, this cannot be done without also coveting high regard and respect for our customer’s data. Maybe I don’t have to state an obvious by professing this proclamation for safeguarding our customer’s world of data sets. But, given the sensitive climate on the topic I do feel compelled to express our commitment to our customers because their importance to us is genuinely beyond what features they use. We hold their data as near-and-dear as they would for themselves.
Out of our dedication to our customers, as like with many companies who value their customers, we will work hard to be GDPR-ready. We will continue in our voyage to bring the security industry experts as a valued role and voice to the technologies and commitments we bring to our customers. If you are equally interested in doing everything you can to guard customer data, a good resource to get the wheels turning and look at the Learning to Love GDPR white paper from Box.com.