We’ve all heard the horror stories about the massive fines that come with noncompliance with the EU’s General Data Protection Regulation (GDPR). It’s no joke – those fines can be a serious financial blow. But what many people miss is that complying with GDPR can actually be good for your business.
Instead of just worrying about avoiding those big fines, think about the benefits that come with better data protection. By following GDPR principles, you can make your business more efficient, secure, and competitive.
So don’t let fear of punishment be the only reason you take data protection seriously. Embrace GDPR as an opportunity to improve your business and stay ahead of the competition.
Here are 4 reasons why GDPR can be a boon for your business.
Strengthens your cybersecurity
Let’s face it: cybersecurity threats are everywhere, and no business is safe from the potentially devastating consequences of a data breach. That’s why taking data privacy seriously is essential, and the GDPR can help you do just that.
The GDPR requires companies to take a hard look at their security strategy and implement the necessary administrative and technical measures to protect EU citizens’ personal data. But it’s not just about securing a particular type of data; it’s about establishing a comprehensive cybersecurity plan that covers your entire IT infrastructure. By doing so, you’ll reduce your attack surface, improve your understanding of what’s happening across your network, and significantly decrease the chances of falling victim to a costly cyber-attack.
Builds trust with customers
The seven fundamental principles of GDPR’s Article Five are crucial for any organization that deals with personal data. These principles include lawfulness, fairness, and transparency; purpose limitation; data minimization; accuracy; storage limitation; integrity and confidentiality; and accountability.
Following these principles not only ensures GDPR compliance but also helps build trust and credibility with customers. Organizations that show a commitment to data protection can differentiate themselves from their competitors and gain a competitive advantage.
Moreover, data protection and data security are becoming increasingly intertwined, and a high level of data protection can also mean a high level of data security. This is a valuable objective for all types of organizations, as data breaches can result in significant financial and reputational damage.
Streamline data management
Data management is critical to GDPR compliance. To avoid costly data breaches and business interruptions, it is essential to know precisely what sensitive information you hold on individuals. Conducting a thorough audit of all the data you have is the first step toward achieving GDPR compliance.
By identifying and removing redundant, obsolete, and trivial files, you can significantly reduce storage and processing costs while also minimizing the risks associated with retaining unnecessary data. This is particularly crucial for personal data belonging to former customers, which can pose a significant security risk to your organization.
Analyzing all the data you hold can help you make it easily searchable and indexed. This is another GDPR requirement that enables your staff to handle requests from data subjects more efficiently. By reorganizing your data storage, you can streamline your operations and make your team more productive while ensuring accuracy, accessibility, and data security.
Being a socially responsible business means respecting and securing the personal data of all individuals who entrust it to you. By prioritizing data protection and adhering to the GDPR, you can establish a new culture of privacy in your organization.
Although GDPR compliance may seem challenging, it presents a unique opportunity for leaders to set themselves apart from the competition. By embracing the principles of data security, you can demonstrate to customers that you prioritize their privacy and respect their trust in your organization. Moreover, you can instill a sense of social responsibility in your employees, fostering a company culture that values data protection.
When your employees feel confident that their personal data is safe in your hands, they will be more engaged and productive. Additionally, customers will appreciate your commitment to data privacy and be more likely to do business with you, which can ultimately lead to increased brand loyalty and profitability.
By embracing GDPR compliance as a means to create a new business culture that cherishes human privacy, you can establish your organization as a leader in ethical and responsible business practices.
A better relationship with data
GDPR compliance is not just a regulatory burden, but an opportunity for businesses to gain a better understanding of their data and its movement within the organization. By taking a logical approach to GDPR adherence, organizations can benefit all functions and departments.
For instance, marketing and sales teams can gain enhanced oversight of who they can legitimately market to, resulting in smaller, more engaged audiences that are easier to address and manage. Meanwhile, privacy initiatives can lead to a consolidation of data platforms that benefit departments such as human resources by enabling easier reporting and faster decision-making.
GDPR compliance helps improve the employee value proposition by demonstrating a commitment to privacy and data security. When employees know that their organization is committed to protecting their personal data, they feel more confident and secure about their workplace, which can lead to increased employee retention and recruitment.