How to turn GDPR compliance into an opportunity?

How to turn GDPR compliance into an opportunity?

GAINING A COMPETITIVE ADVANTAGE FROM THE GDPR

The information era brings blessings to the human society, but at the same time threatens people’s privacy. As humans spend increasing amounts of time in the digital world, personal data protection is placed at the heart of many hot debates, which often conclude that we currently live in a world where people’s privacy is highly fragile.

While various reports show an unprecedented rise in personal data breaches, it is vital for organizations to start prioritizing the protection of confidential data as an effort to maintain stable efficiency and prevent financial losses. Given that the GDPR enforcement date is just around the corner, businesses should take the necessary measures to ensure compliance with the new regulation.

Initially, GDPR will certainly be a challenge; however, the benefits and added value for both businesses and customers derived by GDPR compliance will offset the challenges and difficulties faced.

General Data Protection Regulation (GDPR) offers a distinctive opportunity for businesses to better respond to customer requests. GDPR will change the way organizations approach data privacy, how they handle and process data, including how data protection policies and impact assessments are established and conducted.

As businesses begin to implement, monitor and review controls and procedures to be GDPR compliant, they will witness its long-term benefits. Some of these benefits are outlined below:

DATA PROCESS STANDARDIZATION ACROSS EU
Before the introduction of GDPR, each company had their procedures and methodologies for data processing. Whereas, with the new regulation all companies will have unified data processing rules. A single set of rules will make it easier for the organizations to maintain business and ensure compliance across borders.

REPUTATION PROTECTION
By putting in place strong customer data protection controls you will be able to maintain the confidentiality, integrity, and availability of data. Failing to protect the customer’s personal data may result in reputation damage and revenue losses.

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