Logo Header Menu

How to turn GDPR into an opportunity for your business

Businesses in the technology sector can use the General Data Protection Regulation as a positive opportunity for digital transformation How to turn GDPR into an opportunity for your business image

The arrival of the new General Data Protection Regulation (GDPR) is now just a matter of months away. As a result, millions of organisations across the UK will be stepping up their efforts to ensure compliance as we edge closer to 25th May 2018.

GDPR will be the biggest overhaul in data protection law in over 25 years. The result of four years of consultation by the European Union, GDPR will replace the current 1998 Data Protection Act. Under the new regulation, organisations will be required to abide by stricter legal guidelines on how they process personal data.

At its most basic level, GDPR will require companies to provide consumers with clear and transparent guidelines about how their personal data will be stored and used, whilst also granting them quick and easy access to this data. As a result, these regulations will effectively democratise data privacy for consumers, as businesses will need their explicit consent before storing or processing personal data.

>See also: Turning GDPR into a business opportunity

These new rules come after various high-profile cases across the continent in which data privacy was compromised in ways previously unheard of. For example, Facebook received a €1.2 million fine from Spanish courts earlier this year for violations of data security, as data on religious beliefs, ideologies, and preferences was illegally used for advertising purposes.

Although this may seem like a hefty price to pay, the cost is negligible for a company the size of Facebook. However, the penalties that companies could receive for failure to comply with GDPR could be much higher – up to €20m or 4% of their annual turnover, in fact, whichever is higher.

This may seem like a daunting prospect, but most companies should see GDPR as a positive opportunity for change, rather than a threat. After all, the rules set out by GDPR may finally give them the impetus they need to modernise their systems and improve their data protection policies.

GDPR: an evolution, not a revolution

There’s no denying the short-term effort that will be needed to achieve compliance with GDPR. However, the work required will largely depend on the extent to which an organisation has already met existing data protection standards.

For some companies, this is good news – but unfortunately, many of the UK’s least digitally mature organisations still fall foul of the 1995 Data Protection Act. For these businesses, the investment needed to comply with GDPR regulations should simply be viewed as deferred costs from work that should have been done to improve data security years ago. Seen in this light, GDPR is not a revolution, but an evolution.

>See also: GDPR – a real opportunity to better understand your data

It’s important to realise that the digital landscape is always evolving, and that GDPR is simply the latest development. With digital transformation on the agenda for many businesses, GDPR is a great opportunity to bring a company’s systems out of the dial-up era and into the cloud computing age. Who knows, it could even pave the way to other progressive technologies like chatbots and AI.

This kind of future gazing attitude to GDPR is necessary to make it a success. Those who can look beyond the short-term pain of compliance will be able to see the long-term benefits that GDPR will have on the security of their customers’ data.

A trust building exercise

The average consumer was once blissfully ignorant about how businesses were using their personal information. However, today’s consumers are now savvier than ever when it comes to data storage and usage.

For businesses then, there is a certain amount of consumer trust that needs to be gained and maintained, and GDPR is a great place to start. Those companies that can embrace this new legislation and show a willingness to comply will send a clear message that they really care about protecting the data privacy rights of their consumers.

Viewed in this way, data protection can be seen as an act of corporate social responsibility as much as a legal requirement. As a result, businesses can use compliance with GDPR to boost their public image and win the trust – and loyalty – of their customers.

>See also: The General Data Protection opportunity

Focusing on positive outcomes like these is important, as GDPR compliance is an inevitability that all businesses will need to face. Any changes that are required will need to be incorporated into everyday processes and acknowledged and implemented by all employees, from senior management to the most junior members of staff.

Compliance with GDPR will no doubt require a fair amount of digital heavy lifting and a clear company strategy, but businesses should not ignore the many opportunities created by this regulation. It may seem counter-intuitive, but those with the most work to do actually stand to make the greatest gains. By embracing this change with a positive attitude and a focus on improving current systems, these organisations can reap rewards far beyond compliance alone.

 

Sourced by Jim Bowes, CEO and founder of Manifesto

Latest news

divider
Automation
Why RPA? Blue Prism chairperson tells Information Age why he thinks RPA is a game changer

Why RPA? Blue Prism chairperson tells Information Age why he thinks RPA is a game changer

17 October 2019 / Why RPA? For that matter, what is RPA — robotics process automation? Jason Kingdon, a [...]

divider
Cloud & Edge Computing
How edge computing will benefit from 5G technology

How edge computing will benefit from 5G technology

17 October 2019 / 5G will help edge computing grow Analysts believe that the arrival of 5G will result [...]

divider
AI & Machine Learning
How to put machine learning models into production

How to put machine learning models into production

16 October 2019 / Machine learning is a race. Those companies that can put machine learning models into production, [...]

divider
Cybersecurity
Why your organisation should deploy threat hunting teams

Why your organisation should deploy threat hunting teams

16 October 2019 / Deploying threat hunting teams, what does it take and does it matter? Increasingly, organisations (approximately [...]

divider
Data Analytics & Data Science
Moving from passive to active analytics for data innovation: the use cases

Moving from passive to active analytics for data innovation: the use cases

15 October 2019 / Moving from passive analytics — looking at insights after the fact — to active analytics [...]

divider
Business Skills
How to approach regulatory change management in financial services

How to approach regulatory change management in financial services

15 October 2019 / Regulatory change management is a component of governance, risk and compliance. In its simplest definition, [...]

divider
Automation
UK financial services firms trailblazing on automation efforts

UK financial services firms trailblazing on automation efforts

14 October 2019 / Financial services firms in the UK are integrating robo-advisers into their operations quicker than their [...]

divider
People Moves
PHMG appoints James Davison as CTO

PHMG appoints James Davison as CTO

14 October 2019 / In this role, Davison will be driving forward PHMG’s use of technology to help improve [...]

divider
Business & Strategy
How will 5G unlock revenue streams and increase profitability?

How will 5G unlock revenue streams and increase profitability?

14 October 2019 / 5G is swiftly becoming a reality as Mobile Network Operators (MNOs) continue with their rollout [...]

Do NOT follow this link or you will be banned from the site!

Pin It on Pinterest