What Does Data Flow Mapping Mean?
Mapping data enables you to record your information flow. An information flow is a transfer of information from one location to another. It can be from inside to outside the European Union or from suppliers to sub-suppliers.
Why Do You Need A Data Flow Map?
Mapping your data is not a strict requirement according to the GDPR. However, this tool can facilitate compliance and might have other financial benefits.
- It will enables you to prove you intend to comply with GDPR.
- It will help you to actually comply with some GDPR principle
- It can be a valuable business asset. It might enable you to use “the new gold”, your data flow, smartly.
- It might mitigate your risk of data breaches and thus minimise reputational and financial loss they imply.
What happens if you do not get one?
You run the risk of a fine of €20,000,000 or 4% of total worldwide annual turnover.
According to the GDPR big companies will be responsible for the way their third parties process information. Thus, if you don’t comply you might lose some market share if your company’s client are not sure about your compliance.
Data Mapping will be an important tool in privacy compliance strategy. By using data mapping, you should be able to answer to the 5 W’s (Who, Where, What, When, Why).
At Linkilaw, we can assist you in creating a Data Flow Summary for your business. Book a call with our legal team and we’ll talk you through your needs and answer the questions you may have.