GDPR was introduced not only to protect individual consumers, but also as a response to the increasing value of personal data. With the big data industry growing exponentially, countless studies have been conducted to calculate the worth of consumer data – including information like names, addresses, wage, employment and travel history, and educational background. The range in value of an individual’s personally generated data spans from approximately $3 (€2) to $480 (€300) per person. The value of data creates the need for both ethical and financial accountability. Unsurprisingly, the steep fines established by GDPR for improperly handled consumer data reflect the growing value of this information and importance of safeguarding personal details.
As of the publishing date of this blog post, there are 67 calendar days until the requirements for sensitive data precautions, data protection officer appointments, breach notification workflows and data anonymization are in place and enforced. With fines of up to 4% of a company’s annual turnover (or €20 million, whichever is greater), a wait-and-see or do-nothing-and-hope approach to data protection is more than just risky.
Smart content capture solutions like the Ephesoft platform allow organizations of all sizes to review consumer records stored in document repositories, line of business applications and email servers. By utilizing a combination of supervised machine learning, pattern-matching, content analysis, and database lookups, the Ephesoft platform can crawl through a company’s documents and records to classify document types which typically contain sensitive data like credit card applications, surveys, and correspondence.
Upon document categorization key data fields like name, Social Security number, National Identity number, phone number and address can be automatically captured and indexed for search and review purposes. With Ephesoft’s out-of-the-box data dictionaries that automatically recognize most PII-related data fields, the timetable for starting and rolling out content analysis and data extraction projects are greatly reduced. Companies that may be falling behind the GDPR deadline can implement automated systems in mere weeks to several months with a Smart Capture® platform.
Automated data extraction and a quick rollout aren’t the only GDPR compliance support features available. Data-derived reports may be generated on detail instances of PII across organizational content sources by delivering a snapshot of the stored location of all sensitive data hidden in the unstructured documents and image-only files. Decision-makers and project leaders can take advantage of data mining tools for improved operational efficiency or derived insights. Being mandated to properly manage consumer data doesn’t just have to be about risk (and fine) aversion; it can lead to unleashing the value of data locked away in documents and records.
Are you interested in learning more about the Ephesoft platform for sensitive data management and GDPR compliance? Watch our webinar on avoiding the GDPR pitfall and unlocking the value of your organizations’ unstructured content.
