While the EU already has laws and regulations revolving around privacy, not to mention consequences should privacy rules be broken, applied to many businesses, they were nothing as serious as until the GDPR was introduced. Short for General Data Protection Regulation, the GDPR put in more serious laws and rules, causing plenty of hefty fines on companies that previously got away with the standard EU laws and regulations.
While it may sound like the GDPR is nothing but pure chaos and stress for companies, the fact of the matter is that the GDPR is made for the better. Privacy is a real concern for many people, and GDPR enforces that fact. Because of this, there are plenty of reasons GDPR is great for businesses, and in this article, we'll outline those reasons:
1. Aids You in Maintaining Transparency
One of the biggest concerns you will have when maintaining GDPR compliance is obtaining informed consent from your audience. In other words, your audience must be wary of the data you are about to collect, what you will do with it, and agree to let you carry it out. However, this isn't as bad as it sounds.
Today, customers love transparent companies. Not only are they more aware of what is going on behind the scenes with their data, but companies that show transparency tend to be much more trustworthy. This means that more customers will go to you for your offerings simply because you ask for their consent before using their data!
2. Helps You to Maintain Customer Privacy
Speaking of using customer data, one of the highlights of the GDPR is how much is stress about customer privacy. With big consequences for failure to uphold customer privacy, the GDPR pushes you to be more careful with ensuring your customer's data are kept safe and away from the wrong people.
Such effort to maintain customer privacy may seem like too much work, but in reality, it plays in your favour. By ensuring that the data you have collected is held, deleted, or handled privately, you show your customers that you care about their privacy. This helps strengthen your reputation positively, which is attractive to the audience.
3. Gives You a Fighting Chance against Data Breaches
One of the requirements that the GDPR has placed is for companies to ensure they have a strong privacy program to battle data breaches. Such compromises, if to occur, can lead to disastrous results. Consequences can include a tarnished reputation, loss of customers, and even the downfall of the business.
To ensure your business doesn't end up becoming a victim of a data breach, you must heed the warnings of the GDPR and implement privacy programs. This way, even if some breach occurs, you have the program needed to maintain as much privacy as possible, limiting your losses and allowing you to recover from consequences quickly.
The GDPR, while seemingly a hassle for many companies, is here to do you good. With it in play, you're motivated to ensure your company is as secure as possible. While this will take some time and investment to get done, not only will it keep you away from the fines of the GDPR, but it will help to protect your company from any digital threats. Remember, customers want to work with companies that put effort into protecting their data, and if you heed the GDPR, you will be able to implement the right solutions to keep your customers safe and happy!
Scaramanga is a Swiss-based consulting firm that specialises in data protection, information security, and compliance consulting. If you are looking for a data privacy consultancy to help you become GDPR compliant, work with us today!