Security Blog

Can GDPR be good for business?

GDPR efterlevnad moln

One of the main topics in the last year and a bit has been GDPR, and rightly so. The regulation, which will be applied in law on May 25 2018, represents a paradigm shift in the view on the integrity of the individual and the processing and handling of personal data. There has also been a lot of talk about the sanction fees, and the extensive work that a lot of companies will have to do in order to become compliant. As someone in the center of the GDPR bubble, it has become quite evident that some companies have embraced the regulation – while others have not. To the companies in the middle of the adaptation process to GDPR – the benefits will outweigh the costs. In fact, compliance can actually be good for business.

A lot has happened since -95

Firstly, let’s be honest, it’s about time we got an updated regulation on data protection. The previous Data Protection Directive in EU dates back to 1995, before things like social media, big data, cookies and personalised ads. So, of course there needs to be a regulatory update to accurately reflect the development of society and technology.

It affects (almost) everyone

We’re all in this together! Despite being related to the data of EU citizens, GDPR has a global impact, and organisations both inside and outside EU will have to follow it. GDPR should act as an important reminder to companies that personal data is something that is lent to them by individuals, and it ought to make perfect sense that this data has to be treated with the utmost care.

The spring-cleaning that’s been a long time coming

The regulation gives companies the chance to review and evaluate their businesses – how do we process personal data? How transparent are we?

Companies should also take the time to streamline processes, for example in finding and deleting data upon request. As GDPR requires data minimization, it gives companies the chance to significantly reduce storage and improve data retention strategies. This will lead to more effective organisations.

Evidence of a security mindset that customers will appreciate

Compliance to security standards like the GDPR shows that your company has an information security mindset. This can give you a competitive advantage as it shows customers that you take personal data rights seriously, and that you can keep their data safe!

 

Related content:

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Questions and Answers about GDPR

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