A GDPR audit should be considered if you are selling a company that manages the personal data of EU citizens for several reasons:
In November 2018, the Marriott breach—also referred to as the Starwood data breach—was identified as a cyberattack on the Marriott hotel chain. The incident impacted the Starwood guest reservation database, which contains the financial and personal data of over 500 million visitors who had made bookings at Starwood hotels between 2014 and 2018.
Observance of GDPR A set of rules called the General Data Protection Regulation (GDPR) controls how EU citizens’ data is gathered, used, and processed. When processing personal data, firms must adhere to GDPR. You can reduce the risk of legal liability for the buyer by conducting a GDPR audit to find any potential non-compliance issues and fixing them before the sale.
Mitigating risks: GDPR violations can result in hefty fines and legal actions. By conducting a GDPR audit, you can identify any potential risks and take steps to mitigate them before the sale. This can help protect both you and the buyer from any legal consequences.
Risk reduction: GDPR non-compliance can lead to substantial penalties and legal action. You can find any possible hazards and take action to reduce them before the sale by completing a GDPR audit. This can assist in shielding you and the customer from any resulting legal repercussions.
You may raise your company’s perceived value and gain potential customers’ trust by showcasing that your company complies with GDPR.
Seamless transfer: You may guarantee a smooth transfer of business ownership by undertaking a GDPR audit. Clarity on the systems, methods, and policies for handling personal data can be found in the audit report. This can make it easier for the new owner to comprehend the company and take over operations.
The audit can help you identify and rectify any compliance issues, mitigate risks, enhance the value of your business, and ensure a smooth company transition to the new owner.
Forti5 Technologies have extensive experience conducting a GDPR audit in preparation for either the sale or buying of an organisation.