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The new General Data Protection Regulation (GDPR) creates opportunities, not just limitations

Posted by Pernilla Walkin, filed under News.

When the EU’s new GDPR enters into force May 25 2018, it will make protecting personal data a critical task to be undertaken by all companies and organizations that deal with EU citizens no matter where you are based. So although the regulations become far tougher there are opportunities to generateing trust and confidence by being a responsible organisation that adheres the new regulations.

We know that personal data has a value, so it is both natural and sensible from a commercial point of view to want to protect it. The advantages of holding that data are far greater any perceived disadvantages involved in adapting to the new regulations.

An irresponsible approach where privacy is undervalued by failing to protect personal data could potentially damage the perception of your organization or brand. The authorities responsible for supervision – the Data Inspection Board in Sweden – will have an extensive mandate to ensure compliance with the new Data Protection Regulation. Any company or organization that fails to meet the requirements will be severely penalised. We live at a time when your reputation and your brand may depend on how your organization manages customers, employees, suppliers and partners and whether you meet their privacy requirements.

Opportunities:
Those who take the new General Data Protection Regulation seriously will be in a stronger position when it comes to the services they offer providing higher security levels and a reduced risk of receiving penalties from the EU. This approach also creates a high level of confidence and can strengthen the appeal of a brand. Plus when systems and processes are rigorously checked and assessed they will run more effectively and potentially reduce operating costs.

Risks:
Those who take short cuts to achieve short-term gains in IT security create short-lived solutions because the cost of fines and penalties will consume any gains and could actually make the solution more expensive. Those who fail to comply with the new Regulation will jeopardise their business and customer relationships and run the risk of incurring fines and destroying their brand integrity. Without the right IT infrastructure and planning, there is an increased risk of intrusion and breaches of privacy. All companies and organizations depend on the confidence of their customers and their employees, so protecting their personal data is vital for business.

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