Michael Achtzehn, Senior Content Manager at Webtrekk, writes:
What is the GDPR?
The GDPR, the EU’s General Data Protection Regulation, comes into force on 25th May 2018. Companies operating in the EU will be expected to respect EU residents’ rights on personal data stored by these companies. This means that personal data must be protected, and users have the right to have their data altered or deleted.
Are you looking forward to the GDPR? We sure are, but we understand if you’re nervous. The GDPR’s recent portrayal in the press is frightening: warning companies about €20m fines and listing complicated requirements like appointing a Data Protection Officer.
Sure, you need to get ready for the new regulation, but it’s not there to make a quick buck in fines and trip companies up. The regulation has its benefits, and here are our top three.
1. Competitive Advantage
The GDPR recognizes the value that EU citizens place on their data and how it is handled. In the age of customer-centric companies collecting and leveraging large amounts of data, it is becoming more and more important to reassure customers that no third parties have access to their data.
So, companies who are GDPR complaint have a huge advantage. By proving to customers that their data is safe, and that they have the right to be forgotten, you’re telling them you can be trusted with their personal information. This higher level of trust means they are more likely to buy products and services from you, which translates into higher revenues for your company. More...