As GDPR comes into force on the 25th May 2018, time is running out for organisations to ensure they comply with the regulation allowing them to continue to operate legally within the EU. On the surface of it, some believe that GDPR only presents business challenges, increased workloads, and unnecessary compliance. However, considering recent public data breaches it couldn’t come at a better time.
Following the Facebook Cambridge Analytica data breach, a Business Insider study found that 81% of participants have little to no confidence Facebook will protect their data and privacy. With figures like that, GDPR offers a lifeline for organisations to increase control over their data whilst also gaining back customer trust. At Business Data Partners, we have been working closely with our clients to prepare for the impending regulation. Read on to see how GDPR can benefit you in a data driven world.
Quick reminder of what GDPR is
With less than six weeks to go, hopefully you know the deal by now but a quick recap…
The General Data Protection Regulation, better known as GDPR, introduces tougher fines for non-compliance and breaches regarding data. GDPR provides people more say over what companies can do with their data. Key parts of the GDPR legislation include a customer’s right to access, data portability and right to be forgotten. For an organisation, GDPR requires regular data protection audits and implementation of company-wide mandatory data breach notifications.
Here at Business Data Partners, we believe this regulation offers an opportunity for organisations to take stock of internal data processes and assess how data is handled.
Opportunity 1: Spring clean
Whilst becoming GDPR compliant, a company has the chance to evaluate internal business process and policy. As GDPR requires organisations to examine all data handling and processing procedures, an opportunity is presented. An organisation can review, clean-up, and re-structure data processes, storage, and policies not only for compliance but for the benefit of the business. Cleaner processes and storage ensure your data is working for you, not the other way around. This also provides a guarantee to customers that all data is handled correctly, in-line with regulations and terms and conditions.
Opportunity 2: Take back control
Organisations can take back control of their compliance during the GDPR process. Larger organisations will often outsource their compliance, utilising external data authorities. However, this increases the vulnerability of data and increases risk of a data breach. During the GDPR shake-up this data and associated processes can be brought back into the organisation to be managed internally, reducing the threat to data. In addition to increased control over processes, this creates new roles and an expansion of the internal workforce. These roles may include GDPR Officer, Data Protection Officer, or Compliance Officer.
Opportunity 3: Increase consumer trust
The key function of GDPR is to protect the consumers data. Consumers today are more aware of their data, the power of this data, and the increasing threat of cyber-attacks. Take a look at the rise and fall of Facebook’s 2018 share price following the Cambridge Analytica scandal. The Facebook data breach is another headline which has highlighted how consumer data is handled by organisations. GDPR provides an opportunity for an organisation to address this and become fully transparent with regards to customer data. This includes the changes they will make to fall in-line with GDPR, where the customer data lives, who has access to it, and what they do with this data. Through communicating openly, the organisation can build trust once again with the customer.
What this means for you
As 25th May draws ever closer, now is the time to act. Becoming GDPR compliant will take a lot of work for businesses and organisations across the EU. However, the work undertaken will not only align the business with GDPR requirements but create opportunities that benefit both business and customer.
Too late for GDPR? No there is still time!
Data is at the heart of GDPR; as an experienced data and analytics consultancy we’re expertly positioned to help. If you’d like to know how we can help you in your GDPR journey get in touch today.