At the end of May 2018, the EU’s ambitious General Data Protection Regulation (GDPR) comes into force, by which time all businesses transacting across Europe must comply with the new legislation.
Are you prepared for the new regulations, will you be compliant with the new demands and what impact will the regulations have on your business?
The aim of GDPR is to strengthen data privacy and protection for all EU citizens. It will transform processes to standardise and protect data and the individual who owns it. Key changes include consumers’ ‘right to be forgotten’ at any point, the right to be informed of data use, and the right to obtain copies of a person’s personal data.
Despite the publicity surrounding GDPR, and its significance for businesses transacting across Europe, awareness has not yet translated into a high level of readiness.
A recent Experian survey found that only 7% of businesses are ‘very prepared’, 48% say they are ‘somewhat ready’, and over 25% are ‘not very’ or ‘not at all’ prepared for the new rules. (1)
But with less than a year left until GDPR comes into force, it’s clear that many organisations risk being left behind.
While the new rules put customers at the heart of the organisation, they also directly promote more transparency to help build trust. This can only be a good thing.
But moving towards a data strategy that allows organisations to flourish in the new regulatory environment is likely to create challenges. Preparation and timely action will be key to managing the risk of non-compliance and making the most of your opportunities ahead.
Organisations which undertake this due diligence to get in shape for GDPR will be able to forge closer, stronger relationships with their customers, as well as and improve their data-strategy and their business performance.
We can help you by assessing your data and highlighting how and where it can be improved. We can also help you ensure on-going data accuracy through real-time data-validation at the point of capture, to help you maintain sustainable regulatory compliance.
Although it may look like a daunting compliance deadline, GDPR should be regarded a chance to transform, optimise and future-proof your business.
GDPR is about much more than getting ready for next May – it’s forever.
We outlined what GDPR meant for business in detail during a live webinar held on November 15. Missed it? No problem. Click here to get the recording and related white paper. They outline how data management and being GDPR compliant can drive your performance, how personal data regulation is changing and the key elements of the regulation.
1. Experian Global Data Management Report, 2017.