GDPR and Asset Management - Complete Guide for Companies

GDPR and Asset Management - Why It Matters

Asset records often contain employee personal data - names of responsible persons, asset assignments, handover history. Since 2018, GDPR (General Data Protection Regulation) applies and every company must ensure they handle this data correctly. Violations can mean fines up to 20 million EUR or 4% of annual turnover.

Important Notice

This article provides general information about GDPR in the context of asset management. For specific legal advice, consult a data protection specialist or attorney specialized in GDPR.

What is GDPR and Why It Applies to Asset Management

GDPR (General Data Protection Regulation) is a European regulation that protects personal data of individuals. It applies to every organization that processes personal data of EU citizens. Asset management falls under GDPR if it contains any data identifying specific persons - whether employees, asset managers, or responsible persons.

Key GDPR Principles for Asset Management:

•Lawfulness, fairness and transparency - you must have a legal basis for processing and inform employees
•Purpose limitation - data can only be used for the purpose for which it was collected
•Data minimization - record only data necessary for asset management
•Storage limitation - do not keep personal data longer than necessary

What Personal Data Does Asset Management Contain

Typical asset management contains the following categories of personal data:

Identification Data

Names and surnames of employees responsible for assets, employee IDs, job positions and departments.

Contact Data

Work emails, phone numbers, workplace location or office.

Asset Assignment Data

Records of who has which assets assigned - laptops, phones, vehicles, tools.

History and Protocols

Records of asset handovers, signatures on handover protocols, asset movement history.

GDPR Requirements for Asset Management

For your asset management to be GDPR compliant, you must meet the following requirements:

1. Legal Basis for Processing

The most common legal basis is contract fulfillment (employment) or legitimate interest of the employer (asset protection). Document on what basis you process the data.

2. Information Obligation

Employees must know that their data is recorded, for what purpose and how long it will be stored. This should be part of internal policies or privacy notice.

3. Data Security

You must implement technical and organizational measures - restricted access, encryption, backup, access auditing. Excel on a shared drive does not meet these requirements.

4. Data Subject Rights

Employees have the right to access their data, correct inaccuracies, deletion after employment ends and data portability.

5. Retention Period

Define how long you keep data. After an employee leaves, anonymize or delete the data (considering archiving obligations, e.g. accounting documents).

Risks of GDPR Non-Compliance

Non-compliance with GDPR in asset management can have serious consequences:

!Financial penalties - fines up to 20 million EUR or 4% of worldwide annual turnover (whichever is higher)
!Reputational damage - loss of trust from employees and business partners in case of data breach
!Legal disputes - employees can claim compensation for unauthorized processing of their data

Practical Recommendations for GDPR-Compliant Asset Management

The following steps will help you bring your asset management into GDPR compliance:

1. Audit Your Current Records

Map what personal data you record, where it is stored, who has access and why you need it.

2. Minimize Data Scope

Remove unnecessary data. Do you really need social security numbers in asset records? Is work email enough instead of personal phone?

3. Set Up Access Rights

Define roles - who can only read data, who can edit, who can export. Limit access to the minimum necessary.

4. Document Processes

Create an asset management policy, describe the personal data lifecycle and designate responsible persons.

5. Switch to Secure Software

Replace Excel or paper records with specialized software featuring access control, encryption and audit logs.

How Specialized Software Helps with GDPR

Modern asset management software like Asset Manager includes features that help you meet GDPR requirements:

Access Control

User roles and permissions determine who sees what data. The IT admin doesn't need to see responsible persons for furniture.

Audit Log

Automatic logging of all access and changes. You know who worked with the data and when - important for potential audits.

Data Encryption

Data is encrypted in transit and at rest. Cloud solution uses secure servers in the EU.

Data Export and Deletion

Ability to export specific person's data (right of access) or anonymize/delete it (right to be forgotten).

Automatic Backup

Regular backups protect against data loss. Recovery is possible in case of technical issues or human error.

Data Separation

Ability to work with anonymized reports and statistics without displaying personal data for regular reports.

GDPR Checklist for Asset Management

Check if your records meet these points:

☐You have documented legal basis for processing personal data in records
☐Employees are informed about processing of their data
☐Records contain only necessary personal data
☐Access to records is limited to authorized persons
☐You have defined retention period and procedure for deletion/anonymization
☐You use secure software with audit log and encryption

Conclusion

GDPR is not an obstacle to effective asset management, but it requires a systematic approach to personal data protection. Key is to minimize the scope of recorded data, secure access and use software that meets security standards. With Asset Manager app you get a tool that helps you meet GDPR requirements while making your asset management more efficient.

Need GDPR-Compliant Asset Management?

Asset Manager offers secure records with access control, audit log and data encryption. Try it free and see how easy GDPR compliance can be.

Try for free

Discover the Asset Manager

Who our app is for

What roles is our application designed for

Tutorials and tips

Case studies

Expert articles

Price plans

Support

Sales Department

About us

Informace