GAINING A COMPETITIVE ADVANTAGE FROM THE GDPR

The information era brings blessings to the human society, but at the same time threatens people’s privacy. As humans spend increasing amounts of time in the digital world, personal data protection is placed at the heart of many hot debates, which often conclude that we currently live in a world where people’s privacy is highly fragile.

While various reports show an unprecedented rise in personal data breaches, it is vital for organizations to start prioritizing the protection of confidential data as an effort to maintain stable efficiency and prevent financial losses. Given that the GDPR enforcement date is just around the corner, businesses should take the necessary measures to ensure compliance with the new regulation.

Initially, GDPR will certainly be a challenge; however, the benefits and added value for both businesses and customers derived by GDPR compliance will offset the challenges and difficulties faced.

General Data Protection Regulation (GDPR) offers a distinctive opportunity for businesses to better respond to customer requests. GDPR will change the way organizations approach data privacy, how they handle and process data, including how data protection policies and impact assessments are established and conducted.

As businesses begin to implement, monitor and review controls and procedures to be GDPR compliant, they will witness its long-term benefits. Some of these benefits are outlined below:

 DATA PROCESS STANDARDIZATION ACROSS EU

 REPUTATION PROTECTION

 INCREASED CUSTOMER LOYALTY AND TRUST

 DATA SECURITY

 REPORTING OF DATA BREACHES

 LEAD AUTHORITY ONE-STOP-SHOP

It is important for companies to take a proactive approach to lessen the probability of penalties and gain competitive advantage. GDPR will allow organizations to implement good data handling practices and build transparency, thus allowing them to grow their customer base and avoid brand reputation damage. This will help the organizations maintain the existing customers and attract new ones, as they will feel confident that their data is maintained and processed by trustworthy systems.

Author:  Endrita Muhaxheri is the Portfolio Marketing Manager for Governance, Risk, and Compliance & Health, Safety and Environment at PECB. She is responsible for continually conducting market research and writing articles and marketing materials related to GRC and HSE. If you have any questions, please do not hesitate to contact her: marketing.rm@pecb.com.