Nowadays, companies like Facebook, Google, etc. swap access to consumer’s data for various purposes. A series of data leaks in the past years has raised consumer awareness and led organizations to seek data privacy and protection solutions. Thus, the European Union has established GDPR (General Data Protection Regulation) to strengthen data privacy and processing policies across Europe. The act regulates controllers of personal data and puts in place security measures to safeguard sensitive information. Ernst & Young’s 2018 Survey reveals that 39% of business leaders are unfamiliar with GDPR. Various organizations are facing challenges to implement the necessary changes, manage and store data as per GDPR compliance.
Let’s explore some of the major concerns and challenges faced by companies to stay GDPR compliant.
Key Benefits of GDPR Compliance for Businesses
Enhanced Data Security
Virtualization, cloud computing, and IoT are the latest technologies that can manage data demand effectively, enhancing the user experience. With third-party management tools, organizations can constantly monitor their new environment for data breach and analyze the log information. The tool sends an automated notification to the companies on the detection of anonymity, thereby ensuring data security. The third-party tools also check the integrity of files and folders, endpoint devices, and applications.
Reduced Maintenance Costs
Complying with the GDPR eliminates the need for data inventory software and legacy applications. It also reduces the cost of storing data by consolidating information that is stored in inconsistent formats. Another benefit of GDPR is that organizations are able to engage with customers effectively. The personalized communication developed by collecting granular information saves the cost and time of pursuing uninterested consumers.
The GDPR mandates the right to obtain human intervention, thereby improving decision making. It also provides insights into customer data and assesses the areas where customer needs are not fulfilled. Getting hands-on customer information enables organizations to make better decisions and get increased returns.