Do you own a device with internet connectivity? Of course you do, otherwise, you wouldn’t be reading this. If you do, then you will no doubt probably be sick and tired of clicking words like ‘I accept’ or ‘okay’ or ‘I consent’ and other similar phrases. Why are you now having to give consent to virtually every page you read online? Because of GDPRs, that’s why.
Most people are now pretty sick to the back teeth of hearing about GDPR, even though it’s only been in operation for a little over one month. Well, like it or not, it’s not going away, so it certainly pays to know all about it. Say for example you are a business owner with an online presence that was legally obligated to ensure your company is now compliant with GDPR, how can GDPR help improve your business?
There are actually a number of ways in which you will benefit from GDPR and to prove that it’s not all doom and gloom for business owners, we’re going to look at what everyone is saying about GDPR and at how it will benefit your business.
First off, what exactly is GDPR?
Though you’ll no doubt have seen and heard GDPR pretty much everywhere. You might still not know exactly what it is, and we wouldn’t blame you at all. GDPR stands for General Data Protection Regulation and it is new. In fact, the regulation that came into force on the 25th of May, 2018. This regulation was introduced to give everyday people more power and control over how their personal data and information is utilized by businesses.
In the past, once you handed over your personal details, I.E email address or phone number, businesses could then technically do pretty much anything they liked with your details, including selling them on to other companies for marketing and advertising companies. Ever notice in the past how, once you made a purchase online with a company, and entered your mobile telephone number, a few days later you would be bombarded by cold-callers?
The most likely scenario for this was due to the fact that the cold-calling company purchased your telephone number from the company you initially made a purchase with. Sounds shady, doesn’t it? Well, once you handed over your number, in the eyes of the law that was pretty much it. Nowadays, however, thanks to GDPR, you have much more power how your info is used.
Now, if a company does indeed have your info, by law you can now request that they delete your info and do not pass it onto a third-party company. If they ignore this request, they face legal action and a very hefty penalty. GDPR was introduced to ensure that the rules and regulations regarding data privacy, was the same in each and every country in the EU – including the UK for the next two years at least.
How will GDPR benefit your business?
As a business owner, GDPR will almost certainly apply to you. If it does and you’re worried how it may affect you, then don’t, because it will actually provide a number of benefits and advantages. Here’s a look at a few examples of how GDPR will benefit your business:
Cybersecurity will be increased
First and foremost, one of the most important benefits associated with GDPR for your business is the fact that it will help increase your cybersecurity. With cybercriminals getting smarter and more sophisticated every day, a cyber attack is the last thing your business wants. If your business was unfortunate enough to fall victim to a cyber attack, not only could they gain access to your finances, they may gain access to the finances of your customers, and their personal data. This could destroy your business due to the fact that, if a customer did find that they had had their bank account hacked and their money stolen online by cybercriminals, who gained their personal info from you, they wouldn’t be very pleased with you at all, and that’s putting it mildly.
With GDPR, companies are legally required to highlight their online security protocols. This is to ensure that they’re up to the necessary standard required to keep the cybercriminals away. Because of this, you will be required to up your online security game if required, which obviously means that your business becomes safer and more secure.
Increase customer confidence
The second benefit associated with GDPR is the fact that by implementing it. It will ensure that your customers have more confidence in you and your brand in general. The last thing customers want is to have to worry that their personal data. Also, their private info is falling into the wrong hands.
If you ensure that your customers are made aware of the fact that your company is GDPR compliant, this proves to your customers that you value their privacy. No doubt, it shows you have their best interests at heart. Not only that, if customers are confident that your site is safe and secure, not only are they likely to become regular customers, which would result in increased brand loyalty, they will also be more likely to recommend you to others.
Fewer maintenance costs
The third benefit associated with GDPR is the fact that once your business becomes GDPRs compliant. You can actually reduce costs by getting rid of any out-dated data inventory software which will no longer be relevant for your business. It may not seem like much, but if the software is no longer needed it becomes obsolete. So, why would you pay for something you no longer need? On top of that, you no longer need to pay unnecessary data management costs to third-parties. So, this is yet another saving that will be made.
Stay ahead of your competitors
In the business world, technology is changing and evolving at an astonishing rate. We can either stay up-to-date, or we can get left behind. By ensuring that you’re compliant with GDPR, by proxy your business will be forced to make the necessary steps and changes required to improve its entire network, which will mean implementing the latest technology and software. By doing this you will almost certainly ensure that you remain leaps and bounds ahead of your competition. It will give you the edge when it comes to doing business.
What everyone is saying about GDPR
So, what’s the general consensus regarding GDPR? Is GDPR a good thing? Absolutely! As mentioned above, if you implement GDPR correctly, it will prove to be extremely beneficial for your business. As it will improve security, build trust, and streamline data processing methods. Not only will you benefit as a business owner, but your clients will also benefit as they will have more control over how their personal info is stored and utilized. While we can’t speak for everyone, the general feeling about GDPR is that it is a good thing, that ideally should have been enforced years ago.