GDPR – Opportunity or Threat?
During a recent meeting with some associates we got to talking about the GDPR – most thought that the GDPR (General Data Protection Regulation) is a major threat to their organisation’s ability to function! I think that we should see the GDPR as more of an opportunity and not as a threat at all.
So threat or opportunity? Let’s take a closer look…
GDPR is a Threat
Up until now, the introduction of the GDPR has made many organisations view it as more of a threat than an opportunity because:
- Several recent surveys have shown that around three-quarters of organisations believe that the complexity of modern IT services means that it is not always clear where customer data actually resides, and many organisations don’t believe they can locate individual customer data quickly enough (which could lead to penalties).
- Organisations see challenges in ensuring data quality to achieve compliance.
- Much has been made in the news about the size of the penalties for non-compliance: organisations could face fines of up to €20m or 4% of annual worldwide turnover, whichever is greatest for data breaches.
- There are perceived additional costs to implement new systems and procedures, and from potentially having to employ an in-house Data Protection Officer (DPO).
- There is no clear view of the scale of the effort needed to comply (the effort and planning needed), or how far to go with compliance to satisfy regulators.
The Opportunities in the GDPR
The preparation for, and the focusing on, compliance with the GDPR could, in fact, be an opportunity because:
- It will motivate organisations to face and tackle data security challenges that they may have been putting off or ignoring.
- Using data in a transparent, privacy-friendly way will be a competitive advantage as customers are becoming more and more data security aware. Organisations that focus on issues that really matter to their customers will grow their customer base and build their brand through trust.
- Adopting good data handling practices will help organisations to avoid damage to brand reputation through making data breaches much less likely.
- Cleaning out redundant and inaccurate data will lead to more efficient processes, and effective sales and marketing campaigns.
- As we move into an era dominated by analysing more and more data doing a better job of protecting data in the organisation will improve the general data processing culture in many other areas.
So is GDPR an opportunity or a threat?
Many organisations focus on the heavy penalties and the overall effort. However, I believe that organisations will gain a competitive advantage in being fully GDPR compliant. With many data breaches in the last few years, customers have become more concerned about the handling of their personal information than ever before. By complying with the GDPR, your organisation is safeguarding personal information and building relationships with customers based on transparency and trust – now that has to be good for your customers and for your organisation, doesn’t it?
Are you prepared?
At the same meeting 70% of the attendees had not heard of the GDPR and only 10% had started to do anything about it! With just over 7 months to go until the GDPR comes into effect, at which time the UK’s own Data Protection Bill will most likely enter into UK law as well, now is the time to start looking at how you will comply.
GDPR Preparedness Toolkit Seminar
This 2 hour seminar will help you, as you take your first steps towards compliance by sharing practical insights about implementing a data security based approach in line with the Regulation. You will learn about:
- Why you have to comply with the GDPR and what might happen if you don’t.
- The GDPR’s direct effect on your business and the transition timelines.
- The steps to take in preparing for compliance.
- The technical and organisational measures your business will need to adopt to comply with the Regulation.
- A key assessment toolkit you can use to help you to achieve compliance.
The seminar will be held at The Birch Hotel, Heywood with easy access to the M60, M62 and M66 on:
- Wednesday, 25th October 2017, 14:00 to 16:15
- Wednesday, 29th November 2017, 14:00 to 16:15
Standard tickets are £25.00
Early Bird Discount tickets are £15.00 (available only if you book within 14 days of the seminar)
Contact us on 0345 319 4887 to book or book online with Eventbrite.
