The Positive Side Of GDPR
The upcoming GDPR is set to have a major impact on businesses, not just in the EU, but across the globe. And it’s safe to say many businesses, from multi-global corporations to micro-companies, are anticipating 25th May 2018 with a certain amount of dread.
The financial implications for non-compliant companies are severe: a fine of €20 million or 4% of their annual turnover, whichever is greater. This could have catastrophic consequences for many businesses.
But it’s not all doom and gloom. After all, the new privacy law is not aimed at making life more difficult for business owners, but to protect subjects from data breaches and give them more control over how their personal data is used.
Here’s a look at some of the benefits the GDPR will bring.
Greater Data Security
Any business with an online footprint is vulnerable to cyber attacks and security breaches. As attacks become increasingly more sophisticated, companies must take proactive steps to lower the risks. Being GDPR compliant will mean greater security. Under the GDPR mandate only authorised personnel will have access to critical data and any breach must be disclosed within 72 hours.
More Efficient Data Management
Under the GDPR mandate all data must be kept up-to-date and easily located. This gives companies an opportunity to streamline their data management, eliminate any old and irrelevant data and reduce data storage costs.
Customers will have the right to access their personal data, and data controllers will obliged under the new law to correct any inaccuracies reported by the subject. This means more accurate data.
Consolidated data will be easier to monitor and will give companies more accurate insights into their customers’ wants and needs. This can lead to more effective marketing strategies and better decision making.
GDPR compliance will see many more companies adopting the latest technologies such as cloud computing and management, IoT, mobile technology, VOIP, and computer networking. Not only will new technologies increase efficiency but will also allow companies to better monitor their data and keep on top of potential breaches.
Being GDPR compliant will help establish a company’s reputation as a trusted brand and prove to customers that their personal data is secure. Not only will this encourage greater loyalty from existing customers, but it will also boost consumer confidence in that brand, and help a business attract new customers.
New Employment Opportunities
With the GDPR looming, there’s been a massive surge in demand for professionals with the right qualifications and skills, currently in short supply. This opens up opportunities for project managers and business analysts wishing to add to their skills and take on the role of GDPR compliant data protection officers.
Although the GDPR doesn’t specify what exact credentials are needed, relevant skills include expertise in EU legislation, risk assessment, auditing, IT programming and infrastructure, and an in-depth understanding of GDPR. Essential ‘soft skills’ include communication, conflict resolution, strategic thinking and the ability to operate independently.
For further advice on GDPR compliancy and how it will affect your recruitment strategies, contact us today.