LEM needs a trusted third party

A trusted network is necessary for the exchange of personal and company data under the direction of the owner. With the advent of the GDPR, people have regained control of their data. Companies cannot continue processing “their” personal data. They will have to make agreements with persons about the processing of personal data. Also, a company wishes to exercise control over company data. Indeed, if it concerns strategically essential data, such as secret company data, a company wants to exercise control by making enforceable agreements about the processing of this data.

Bilateral agreements between parties about processing data, which are also workable, are no longer possible. The differences in data definitions and the disproportionately high management costs alone create blockades. A trusted third party (TTP) offers relief.

MYOBI fulfils the role of a trusted third party. It facilitates users to apply the TTP policy with:

  • Making data definitions and company data available from authentic sources (eg Chambers of Commerce) on the trusted network in the information ecosystem of the company user;
  • Authentication of the identity of companies and individuals (certainty about “who is who”). Electronic signatures and notarizing documents;
  • Managing your own company data using the information ecosystem for a company user. It concerns:
    1. Formal corporate data that allows the user to assemble corporate families for purposes such as commercial, tax, banking, or data protection; and
    2. Functional business data that allows a user to assemble organizational units, departments and roles from a formal entity.
  • The possibility for users to exercise control over the processing of their data. For this, the company indicates which set of data (definitions) may be shared with certain target groups under which conditions. For this MYOBI provides the information ecosystem with a contract portfolio with management and processing agreements; and
  • Accountability applications. Companies that use the trusted network are accountable for compliance with legal and contractual data protection and information security obligations. This creates more certainty on the trusted network regarding the reliability of the company and personal data.

The services that the MYOBI Trusted Network offers to a user will grow depending on changes in laws and requests from users. MYOBI is well organised, itself also complies with obligations of the law, contracts and TTP policy and is accountable to society.

MYOBI is a Trusted Third Party (TTP) and ensures that companies and persons maintain control over their company and personal data.

Formal