In simple word GDPR regulation protect the data of people living in the European Union, by every organisation that controls or processes data on people in the EU, regardless of where that organisation is located around the world.
The General Data Protection Regulation or GDPR is one of the hottest topics of discussion among online business owners. Late May, when many people would plan for long summer vacations to enjoy, many entrepreneurs will be worried about the major changes that they have to make while conducting business. On May 25 of this year, the European Union will start to implement the GDPR, which is a set of rules that focuses more on the protection of its people’s data privacy and has stated some new guidelines that need to be followed while collecting consumer data.
We have in fact talked a lot about the privacy and data protection earlier and organizations have told you that certain types of information are collected so that they can serve you better. We are talking about banking information, social media posts, contacts, and even the IP address and the site that you visit. All this information is actually stored so that organizations can offer you more relevant and targeted services and offer a better customer experience.
Why is it important?
GDPR is a global phenomenon that is a game changer within itself. It entirely changes how a company views data of data subjects and how data subjects perceive and understand their rights towards the data they submit to an organisation.
In today’s data-driven society and the ever information swallowing marketers. It is crucial for companies to comply to the GDPR legislative in order to align themselves according to user’s right to privacy. As today’s consumer is actively in control and aware of how their data is held, processed and manipulated.
Why Should companies care about it?
- Failure to comply could land a firm 20 million BGP ($25 million) or up-to 4% of its annual revenue in fines.
- For companies, legal/financial repercussions, is not a state any company would want to be in, for their account balance sheets or from a public relations standpoint.
- A GDPR complaint company ensures a sense of trust in the eyes of potential investors and prospective users of those companies and organisations.
- Staying compliant according to latest regulatory standard enables companies to be considered as ‘good to go’ with regulators and cause no hindrances in their operations.
- Being compliant to the GDPR Directive, enables the opening of new path ways of these companies with potential customers.
For more information, please visit GDPR site.