GDPR arranges data privacy laws to provide an increase in protection and rights to businesses and individuals who live in the EU. It was also placed into effect to change how businesses and organizations handle consumer data information with individuals that associate with them. If you’re one of those still confused about the rules of GDPR, learn what it means for your business and how you can empower your organization through these laws.
What is GDPR?
GDPR is considerably the world’s most substantial regulation for data protection. These laws allow people to access information about themselves and limits organizations on what they can do with collections of personal data. GDPR is a framework for making up laws across the EU, which came into effect on May 25, 2018.
How will GDPR Affect my Business?
GDPR has enforced and changed the way that companies do business when it comes to collecting, storing, and using customer data. Companies will often collect customer data such as personal information for the use of more targeted and relevant communication to provide an overall better customer experience.
Whether you are based in the EU or not, organizations are still subjected to GDPR. Organizations and companies that do business with personal data should look into appointing a data protection officer or data controller in charge of GDPR compliance. If there is no compliance for your business, then you can expect severe penalties.
Storing Personal Data:
When it comes to storing personal data, keep in mind that data consists of various factors that need to be present. If you read Article 4(1), personal data is any information that relates to an identified or identifiable person. ‘Any information’ pertains to these items:
• A cookie
• Name
• Email address
• Fingerprint and facial recognition
• A person’s location
• Occupation
• Gender
• And practically anything else that reveals the identification of someone.
For how long personal data can be stored, it should be for the shortest amount of time possible. Companies must take into account the reasons why they need to process data and should establish a time limit for deleting or reviewing the personal data that is stored.
Personal Consent:
Any individual has the right to learn about what type of information a company has on you. A Subject Access Request (SAR) is needed when an individual wants access to their data. Still, once that person has a SAR, they are legally entitled to confirmation when an organization processes their personal data, the copy of that personal data, and any other information that is relevant to their request.
The right to be Forgotten.
A person is also subject to the right of their data to be erased in some cases. Some of these events include where the personal data has no further purpose for collections, there is no interest, and whether it is unlawfully processed.
Consequences of Non-compliance with GDPR laws
One of the largest speculations about GDPR has been the capacity for regulators to go after businesses that don’t comply with huge fines. When an organization does not process consumer data correctly, that company can have fines. Any organization can expect penalties with fines of up to 4% of annual global revenue or 20 million Euros, whichever amount is greater.
The Takeaway:
Data considers to be a valuable currency, and despite the challenges that come with GDPR, it does create opportunities. You can build trust and retain customers’ loyalty by being transparent about the data that is collected and however, your company uses it. The best way to ensure compliance is by increasing your understanding of GDPR and creating a plan of action for your organization.
If you’d like to learn more about how your business is protected, please visit our website www.cxportal.com, where you’ll find lots of useful information. Alternatively, if you’d like to speak to a member of our team, call us now on +442034416513 and we’ll do everything we can to help.
Susan Bloomberg
CXPORTAL is your award-winning AI, ML, SAP Commerce Cloud and eCommerce digital transformation solutions provider, CXPORTAL is specialised in Innovating business strategy, design and development of digital products, digital platforms engineering and data science solutions. CXPORTAL Leverage Artificial Intelligence, Machine Learning Algorithms, Deep Learning Models, and big data Analytics to unlock and scale your business data, and optimising the operating model for exponential business impact.
