Does your business comply with the new GDPR?
As of 25th of May, 2018, the old Data Protection Directive, adopted back in 1995 was replaced by the new General Data Protection Regulation (GDPR).
The new regulations on data and privacy will enforce to offer better protection of the information processed within the EU and EEA regions. And while 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 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 companies 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 a necessary 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 vital that every business is 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. And 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 with the GDPR could lead to businesses being slapped with a hefty fine. Amounts rise to 20 Million Euros in fines or 4% of the total turnover of the preceding financial year (whichever is higher).
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. The new regulations on data protection can help your company grow and allow you to find more opportunities for business.
GDPR encourages all business owners targeting clients within the EU to review and delete all unnecessary data thoroughly. 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 essential business analyses that could help you understand your strengths and weaknesses and could offer you an opportunity to target more clients and grow your business.