A rapidly growing user base with thousands of companies in our database.
Since the GDPR became new legislation throughout the EU in May 2018, several problems have arisen for businesses. Rvoke takes away the time constraints, pressure, hassle, and costs associated with having to legally comply with GDPR for your employees and your business.
Proving someone’s identity
Rvoke helps your employees and organisation to identify, verify, and record the subject making the request using cutting edge biometric technologies, without causing your DPO more data issues (e.g. storing a copy of photo ID). Rvoke ensures that the subject has been correctly identified. Many organisations are in breach of legislation by asking for minimal details in a Subject Access Request. There are significant risks to businesses if, for example, only a name and booking reference are required to process a request.
Keep costs to a minimum
By using Rvoke’s API or Plug-ins, it is possible to fully automate all requests. We can significantly reduce the cost to your business by releasing your employees from the administrative burden of GDPR. Responding manually can cost between £15 – £2,000 per response. Rvoke only costs between £0.004 – £0.009/customer/year.
Manage your time
Responding to 1,000s of emails is simply not possible. Rvoke has developed advanced machine learning capabilities for automating communication with companies. Rvoke can automate Subject Access Requests that could otherwise cripple your business. Free up your Data Protection Officer and team.
Know the rules
Allow Rvoke to help your staff and organisation get up to speed on the GDPR. Read our helpful FAQ’s, register your business email for our newsletters, and start using Rvoke to help your business today!
Impact of data breaches on your business
There are 4 main financial repercussions that a data breach twill cause to your business…
1. Your business could be fined
The potential for catastrophic fines has been a big talking point of the GDPR which gives supervisory authorities the power to issue fines of up to €20 million, or 4% of the breached business’ annual global turnover, whichever is greater… Supervisory authorities’ powers aren’t limited to financial penalties, as the next point shows.
2. The cost to your business of responding to a breach
According to IBM and the 2018 Ponemon Cost of Data Breach Study, the average cost of every lost or stolen record is $141 (about €115), the total cost of a breach is $3.62 million (about €3 million). These figures account for everything your business has to do to respond to a breach, for example containing, reporting and investigating the breach, and setting up helplines and web pages for victims.
3. Your business can suffer from enforcement action
Whether your business is fined or not, the supervisory authority will investigate your compliance practices and highlight any areas that fail to meet GDPR requirements. Your business will then be required to address these issues before a follow-up review, which will cost time and money, and potentially affect your business operations.
4. Reputational damage
The cost of a data breach is affected by the number of breached records / personal information hacked, and the loss of customers afterwards, known as “abnormal churn”. Many businesses suffer from economic loss after a breach, through losing customers. Some deny data breaches, do not respond to the incident, accept or admit responsibility and therefore not managing and damaging their reputation. Many organisations have been tempted to downplay the scale of a breach or cover it up altogether, but this always ends up backfiring, with the public angrier over the response than the breach itself.
Impact of cyber-attacks on your business
A successful cyber-attack can cause monumental damage to your business. It can affect your bottom line, as well as your business’ outstanding reputation and consumer trust. The impact of a security breach can be broadly divided into three categories: financial, reputational and legal.
Economic cost of cyber attacks
Cyber-attacks often result in substantial financial loss arising from:
theft of corporate information
theft of financial information (e.g. bank details or payment card details)
theft of money
disruption to trading (e.g. inability to carry out transactions online)
loss of business or contract
Businesses that suffered data breaches will also generally incur costs associated with repairing affected systems, networks and devices.
Trust is an essential element of customer relationship. Data breaches or cyber-attacks can damage your business’ reputation and erode the trust your customers have for you. This, in turn, could potentially lead to:
loss of customers
loss of sales
reduction in profits
The effect of reputational damage can even impact on your suppliers, or affect relationships you may have with partners, investors and other third parties vested in your business.
Legal consequences of breach
The GDPR requires you manage the security of all personal data you hold – on your staff and on your customers. If this data is accidentally or deliberately compromised, and you have failed to deploy appropriate security measures, you may face fines of up to 4% of your Annual gross profit.