Does your business comply with the new General Data Protection Regulation (GDPR)?
As of May 25th 2018, the new General Data Protection Regulation (GDPR) will replace the old Data Protection Directive, adopted back in 1995.
The new regulations on data and privacy will be enforced in order to offer a better protection of the information processed within the EU and EEA regions. Businesses in the European Union and European Economic Area will all be affected. Companies around the world who target clients within these 2 areas will need to comply with the GDPR as well.
But why do you need to be GDPR compliant? What if you simply go about your business and do nothing to become in line with the new law? Here are the 3 of the most important reasons why businesses must comply with the GDPR.
1. Compliance with General Data Protection Regulation is mandatory.
Being in line with the new changes coming into effect is not an option.
GDPR is more than just a simple set of rules. It is an important regulation in the EU law that concerns data protection and privacy for individuals.
With the alarmingly increasing rate at which personal information is being exchanged today, it’s important that every business operating or targeting clients in the European Union or EEA complies with the new law and regulations.
It is unacceptable that sensitive data of individuals can be used for a multitude of purposes without the express consent of the user. This is why every business must comply with GDPR and make it their goal to protect their users personal information.
2. The consequences of not complying with the GDPR are severe.
Another reason why you should comply with the GDPR is to avoid any penalties.
The new General Data Protection Regulation will soon come into effect. Unlike other regulations that concern the data shared online, the new GDPR has a more aggressive approach towards protecting the privacy and the rights of individuals.
Failure to comply could lead to businesses being slapped with a hefty fine. Amounts rise up to 20 Million Euros in fines or 4% of the total turnover of the preceding financial year (whichever is higher).
While it’s unlikely that all businesses will be fined effective immediately, avoiding such a severe penalty should be reason enough to comply with the GDPR.
3. Choosing to comply with the GDPR can help your business.
Becoming GDPR compliant shouldn’t be something you do out of fear. Furthermore, the new regulations on data protection can actually help your company grow and allow you to find more opportunities for business.
GDPR encourages all business owners targeting clients within the EU to thoroughly review and delete all unnecessary data. With the new regulation in place, you’ll have access to new and quality information about your clients which you can use to your business’ advantage.
With the quality information you gather from clients after their express consent, you can conduct important business analyses. Understanding your strengths and weaknesses should offer you an opportunity to target more clients and grow your business.
