New tool helps streamline data protection processes and mitigate risks
GFT and Proteus-Cyber partner to deliver world class data protection management
LONDON, Jan. 11, 2022 /PRNewswire/ -- Data protection is becoming increasingly critical for companies in all industries: By 2023, companies that earn and maintain digital trust with customers will see 30% more digital commerce profits than their competitors1,while on the other hand the number of data breaches and the cost associated with them is rising year after year. So-called "mega breaches" cause average costs of USD 401 million2.
GFT and Proteus are partnering to make data protection processes significantly more efficient while mitigating risks. The partners combine Proteus' highly innovative data protection management platform with GFT's deep tech expertise to deliver transformational data protection. The Proteus NextGen Data Privacy software platform includes a modular contract building kit to help data protection officers create new privacy agreements from the bottom up. It even automatically builds agreements, facilitates their completion and correctness by using pre-defined building blocks, automates transfer impact assessments and migration of vendor agreementsto new SCCs3.
GFT will bring their sector knowledge, digital transformation expertise and passion for technology and innovation to the party to benefit existing and new clients alike. Together, the partners aim to help their clients
Commented Ernst-Oliver Wilhelm, GFT Group Chief Privacy Officer: "New regulatory decisions like Schrems II and new SCCs for third country data transfers have caused a lot of disruption in the field of data protection. With our new partnership, we are offering a way to significantly reduce complexity and mitigate the risks in these and other crucial areas of managing personal data. We use this tool internally and we are very happy to offer it to our clients."
John Clelland, CEO Proteus-Cyber, adds, "The combination of GFT's world class expertise and Proteus' innovative software will deliver to more organisations a transformational data privacy programme in which they can have confidence."
3) Contractual clauses are providing appropriate data protection safeguards for international data transfers. This includes the so-called "standard contractual clauses" (SCCs) which have been modernised mid of 2021. The prior SCCs can continue to be used for existing data transfers until December 2022, giving organizations less than 12 months from now to move their legacy data transfers over to the new SCCs. For more details: https://ec.europa.eu/info/law/law-topic/data-protection/international-dimension-data-protection/standard-contractual-clauses-scc_en
This press release is also available for download via the GFT newsroom
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