A year into GDPR, there is much more clarity about how the regulation affects businesses, data and marketing. It is being taken very seriously, thanks to some of the fines levied against well-known organizations and as consumers become more informed. Businesses are more thoughtful about how they collect, use, store and secure data. Real balancing tests are being undertaken, not just tick-box exercises, to ensure accountability and protection of the rights of both businesses and consumers. Companies place more value on consumer opinion because they know that if they get it wrong, consumers will take note. Trust and brand loyalty will suffer, and a fine might result. GDPR means transparency is king.
Today, many of our clients are asking how to maintain the delicate balance between maximising usage of data to grow your business on one side, and legal and reputational risk on the other side. The changing regulatory landscape, with the new General Data Protection Regulation (GDPR) on the horizon, adds a further layer of complexity. The only way to ensure compliance at scale, and drive innovation with data in parallel, is with technological controls to protect sensitive and confidential data.
In recent months a great deal has been made of the massive increase in fines which the General Data Protection Regulation (GDPR) will bring in. Once the GDPR comes into force in May 2018, the maximum fine will be significantly higher, either 4% of the offending organization’s global revenue or ’20m’ whichever is greater.
In the great pall of uncertainty which seems to have enveloped all predictions in the last fortnight, there’s one prediction that I feel it is safe to make: the new EU General Data Protection Regulation (GDPR) will be law in the UK. Well … for a bit at least.