Since it was implemented in 2018, the GDPR has been a regular topic of discussion within businesses based in or trading in the EU.
The General Data Protection Regulation was implemented by the European Union to revolutionize the way organizations handle personal data. In turn it has subsequently set a global benchmark for data protection standards.
So, why should you care about NetSuite GDPR compliance? Well, if your business benefits from NetSuite as the primary business system you will likely be processing and storing customer data to some extent. As the bare minimum you will need to ensure the system is facilitating the correct processing of that data.
Besides the fact that non-compliance can lead to hefty fines, it’s about safeguarding your customers’ trust. It’s about ensuring that their personal information is handled with the utmost care and respect.
It’s about integrating data protection into the very fabric of your business systems.
What is the Impact of GDPR?
GDPR brought about a seismic shift in the way businesses manage and process personal data, as well as their reliance on integrated business systems to ensure compliance.
First and foremost, GDPR forces personal data privacy into the spotlight. Businesses cannot afford to treat customer information as an afterthought or a mere commodity.
GDPR urges organizations to be more transparent about their data handling practices, to obtain explicit consent from individuals for data processing, and to ensure that data subjects have the right to access, rectify, or even erase their personal information upon request.
The Impact of Non Compliance with GDPR
Non-compliance with GDPR could result in astronomical fines, amounting to up to €20 million or 4% of the company’s global annual turnover, whichever is higher. Such financial penalties are enough to cripple even the largest of corporations.
If you provide services to public authorities, a non-compliance strike may affect your eligibility to tender in future. Your lack of compliance may also be seen as a risk to your customers and vendors and have a wider impact on the success of your business moving forward.
System Requirements of GDPR
In order to achieve any of the points raised above, affected companies need to think about their primary business systems. NetSuite GDPR compliance should be a key focus.
Focus on compliant systems and you will be on your way to a compliant business.
Your NetSuite system needs to address at least the following –
Data Privacy and Security
Under GDPR, data privacy and security are paramount.
Businesses are required to implement robust measures to protect personal data from unauthorized access, disclosure, alteration, and destruction.
NetSuite GDPR compliance means offering encryption capabilities, access controls, and user authentication to safeguard data. Additionally, it should provide data classification and retention features, allowing organizations to manage data in a way that aligns with GDPR’s privacy principles.
Extended Rights of Individuals
One of the cornerstones of GDPR is the extension of rights to individuals regarding their own personal data.
A GDPR compliant business system should enable individuals to easily exercise their rights, such as the right to access, rectify, and erase their data.
It should facilitate data portability, allowing users to move their data to other services, and provide mechanisms for handling requests efficiently, all while maintaining a detailed audit trail of these actions.
Data Breach Notification
In the event of a data breach, GDPR mandates that businesses notify the appropriate supervisory authorities and affected individuals promptly.
For NetSuite GDPR compliance ensure you are monitoring for data breaches. Your system should also facilitate the documentation of breach incidents and provide tools for managing the notification process in accordance with GDPR timelines.
GDPR requires regular security audits and assessments to ensure ongoing compliance.
Your system should support these requirements by offering audit trails and access logs, enabling businesses to track all data-related activities. It should provide reporting tools to assess compliance and identify vulnerabilities.
An essential feature is the ability to conduct Data Protection Impact Assessments (DPIAs), which help identify and mitigate risks associated with data processing activities.
Cross Border Data Transfer
For businesses operating globally, the cross-border transfer of personal data is common. GDPR imposes strict conditions on these transfers, requiring safeguards and adequate protection levels.
A compliant NetSuite system should support secure data transfer mechanisms, such as Standard Contractual Clauses (SCCs) or Binding Corporate Rules (BCRs).
It should allow organizations to designate third-party countries with suitable data protection regulations and facilitate data localization, as necessary, to comply with GDPR’s international data transfer requirements.
How can NetSuite Help you Maintain GDPR Compliance?
NetSuite plays a pivotal role in helping businesses navigate the complexities of GDPR compliance. Since 2018 it has been reimagining how businesses use their systems to align with the fundamental principles of data protection.
There is every reason for your NetSuite system to be considered GDPR compliant. Part of achieving this goal is understanding which standard features of NetSuite should be utilized and how.
Below are a few of the standard features available to you to help you achieve NetSuite GDPR compliance in your business.
|Saved Searches and Email Alerts
|Take the time to set up a suite of thorough searches with email alerts notifying of any changes. You want to be made immediately aware of sensitive customer data being changed or deleted.
|System Notes Searches
|Searches of system notes can be cumbersome and difficult to read. That said, your system notes are your data trail and the place to find changes or deletions that slip through the net. Running a periodic analysis of selected system notes searches will prove beneficial.
|Login Audit Trail
|Become familiar with the login audit trail. Learn how to identify unauthorized or suspicious activity. This could be a sign of an attempted data breach.
|Single Sign On
|Improve your data security by implementing Single Sign On for your users.
|IP Address Restrictions
|Improve your data security further still by applying IP address restrictions. If your users work remotely consider having them log in through a VPN so these restrictions can be maintained.
|Role Specific Forms
|Use role specific forms that hide sensitive data. Only share sensitive data to those employees that need it.
|Use custom fields to create a logical data architecture. Keep as much customer data on the customer record, for example, rather than spread across multiple record types. This will aid a timely and reliable response to a right of access.
If you have a particular concern regarding NetSuite GDPR compliance or specifically the compliance of your instance, feel free to get in touch. There may be a partner who specializes in your industry and will be able to advise and give context.