Data breach has become a common issue in recent years and 2017 has been a nightmare incarnate for most western nations. From high-profile organizations ranging from banks and multinational conglomerates to companies providing online services, all fell into this trap, affecting their data and accounts of million customers.
Giving a wake-up call to all chief technology officers, European Parliament also adopted the new General Data Protection Regulation (GDPR) on April 27th, 2016, which would be brought into effect on May 25th, 2018. The aim to create the new regulation was to protect the confidential data from the hackers. The impact of the law will not only be felt in Europe but across businesses worldwide.
Indeed, a lot of challenges would have to be faced by businesses when implementing the law, but it’s worth the pain. If you are wondering how your business can benefit from GDPR, you need to read this:
Maintaining Customer Data Accurately
With the effectiveness of GDPR, enterprises get an advantage to maintain customer data within their data centres and outsourced data centres. This also allows customers to maintain their data and keep their PII accurate by using web-based portals.
Maintaining Data Security
Security is another important factor that needs to be considered when maintaining customer’s data.
With GDPR, data security is assured. It provides an assurance to the customers and helps businesses in maintaining a good reputation.
Protecting Business Reputation
Failure to maintain customer data affects business reputation. Building reputation is not a one-time effort. It, as a matter of fact, requires years of hard work and dedication. This is where GDPR helps businesses in maintaining their reputation by keeping their data secure.
Building Trust among Customers
Protecting and maintaining customer data not only helps in building a business’s reputation but also in building trust among customers.
Customers’ feel assured that their data is maintained and processed by trustworthy systems. Consequently, helping you nurture good relations with existing customer and attract more customers into your business.
Strict Access to Customer Data
Accessing of customer data has also been restricted as per GDPR requirement which helps protect customer confidential data from getting hacked. This means that no untrustworthy source, no third party can ever be privy to this data.
Minimized Security Incident
GDPR also allows businesses to train their customers for accessing their personal data on a regular basis. This enables them to access it easily without causing any security incidents.
Providing Higher Standard of Consent
Customers consent is important to get in order to process their data for business activities. This allows businesses to take customers in confidence that without their permission no activity would be done for processing their data. Thus, consent is procured in a hassle free manner.
Informing Data Breach
If any data is breached, data controllers inform the supervisory authorities within 72 hours which helps them in taking necessary measures to reduce its impact, and stop any further damage.
However, if there are high-risk data breaches, the data controllers would inform the respective person itself so that necessary steps can be taken to mitigate the risk.
Transmitting and Process Data Accurately
Confidentiality, integrity, and availability of personal data are taken into consideration when transmitting, storing and processing the data. The security technology providers, Computer Emergency Response Teams (CERTs), and Computer Security Incident Response Teams (CSIRTs) take all necessary measures to store the data.
Appropriate International Data Transfer
Data transfer to international organizations had been a threat earlier because of the risk of loss. But, with the effectiveness of GDPR, transferring of data to any international organization or data exchange between competent authorities and supervisory financial authorities is no more a threat.
However, legal and contractual agreements are required for this process, which helps protect the data and rights of the person.
These, nevertheless, are only a few benefits, but there are a lot more which helps provide an assurance while safeguarding confidentiality, integrity, and availability of data. When it comes to safeguarding the reputation of enterprises, businesses can also make the most of it as it allows them to keep their clients’ data secure along with not getting into legal/regulatory complications and financial penalties. On the whole, the primary objective of an enterprise – smooth operation and customer satisfaction – is successfully served with the implementation of GDPR.