M-Files Offers GDPR Compliance Tool

M-Files Corp. is offering a product that can help companies protect data and comply with the EU’s General Data Protection Regulation (GDPR). 

M-Files GDPR features audit and reporting capabilities that allow firms to prove that they are protecting customer data, a key requirement of GDPR. The product facilitates production of documents needed to respond to requests by auditors.  

M-Files notes that penalties for failing to protect Personally Identifiable Information can be up to 4% of a company’s annual revenue or 20 million euros, whichever is higher. U.S. firms that have data on European consumers must also comply. This includes email data. 

Research shows that many firms are not yet prepared for GDPR. For example, a study by Alert Logic shows that only 5% of European firms are now fully prepared for the regulation, which takes effect next May. 

Companies should be ready to comply and make the necessary investment, M-Files says. In addition, they must be able to prove they are in compliance.

"In order to comply with GDPR, organizations must ensure that explicit policies and procedures are in place for handling personal information, and just as importantly, that those policies and procedures are being followed and that they can prove they are being followed," states Mika Javanainen, vice president of product management at M-Files Corp. 

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