Many companies don’t have efficient systems in place to manage data securely. Symantec’s State of European Privacy Report showed that 90% of businesses believe it’s too difficult to delete customer data and 60% do not have the systems in place to help them do so. That’s where GDPR comes in… but what is GDPR?
In today’s digital-dominated world, companies are collecting personal data at an ever-increasing rate. Posts we like on social media; emails we send; websites we visit; apps we use… they all contribute to our digital footprint.
This comes with a long list of pros and cons.
Pros and cons to personal data usage
On one hand, personal data improves the efficiency of the customer experience. It enhances interactions between businesses and consumers.
However, on the other, personal data is becoming more vulnerable to theft or misuse. Ironically, this actually is due to its ever-increasing value.
According to a Chartered Institute of Marketing report, 57% of consumers don’t trust brands to use their data responsibly.
So, this brings us back to the question… what is GDPR?
What is GDPR?
The General Data Protection Regulation is a new digital privacy regulation, which will be officially introduced on 25 May 2018.
Current EU data privacy regulations have not been updated since 1995. Of course, this was before social media, smartphones, and other more advanced web technology. So, GDPR will offer a dramatic shift in personal data management.
Plus, unlike current regulations, you cannot opt out of GDPR. Failing to comply could lead to a hefty fine. Up to €20 million or 4% of your global turnover, to be exact!
The new approach puts the power back in the hands of the consumer, offering protection and reducing exploitation. Importantly, for businesses, this means more accountability and transparency.
To answer the question ‘What is GDPR?’, you’re probably looking for further detail.
What will GDPR involve?
- Thorough documentation of personal data usage
- Regular privacy impact assessments
- Stricter policies regarding seeking permission to use personal data
- Improved privacy settings for digital products and websites
- Efficient reporting of data breaches
Hopefully, the answer to ‘what is GDPR?’ is now more clear. Implementing GDPR will come with a few challenges for businesses and marketers. However, it ultimately offers multiple long-term benefits for companies and consumers.
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