Datameer Blog post
GDPR – There is a Silver Lining
by Samantha Leggat on May 16, 2018
It feels like 1999 all over again, when Y2K was looming and IT pros were pulling consecutive all-nighters to get ready for it. GDPR, which is a set of rules under which the EU strengthens data protection for approximately 750 million people, is more than cleaning email lists and landing pages. For instance, it requires that consumers are able to request their data be completely deleted from vendor servers if they wish. But let’s look away from the doom and gloom toward the light and opportunities. Yes, there are opportunities. Let’s look at a few.
- Consumers will be more confident because of the increased data protection. Don’t worry. You can still use email! It’s not dead with GDPR. It’s just cleaner. Granted, you’ll have to be more creative, but you’ll also become more effective.
- You know you won’t stop innovating out of fear of non-compliance. As a matter of fact, supervisory authorities are there to help, guide and ensure compliance; according to the Deloitte report, The General Data Protection Regulation; Cross-industry innovation, fines will be a last resort and they’ll be proportionate.
- You will become more efficient. Organizations will be forced to move toward an approach this TechRepublic article refers to as “lean data,” collecting and keeping only the data they need and reaching a new level of efficiency. It’s less about the storage than it is about managing the data and making sure everybody knows what’s there, where it is, how to access it and what to do with it. That can be cumbersome.
- GDPR forces you to clean house, which helps mitigate risk. Like with any cleanup process, while most of us dread it, it feels terrific when it’s over. Companies have more data than most even realize, and much of it is dormant, unused for years and therefore subject to security breaches. GDPR is a reason to go through all that data and look at it, decide if it needs to be retained, and start paring down. Who doesn’t like a fresh start?
- It’s an opportunity to connect with customers to ensure you retain their trust. Use the regulation timeframe to tell your customers what you’re doing to get ready, share your plans, and answer any questions they may have. This reassures them that you’re paying close attention to the regulation – and their privacy and data protection. As noted in this CIO article, privacy can be a business differentiator and an huge opportunity for innovation.
- Last but not least, the process improves your own organizational security. Enough said.
Surely this makes you feel better. Or you will, once you get there. So keep progressing down the path to compliance by ensuring you understand the law, know what data is regulated, assess the risks to all the private data you own and review your policies, document those risks … and repeat as necessary.
Remember, Y2K wasn’t nearly as bad as we all thought it would be.
For more insights on leveraging regulatory compliance initiatives such as GDPR for good, register for our webinar, Turning Regulatory Compliance into a Strategic Weapon with Data. Industry expert Phil Gilligan, Managing Partner at Sand Hill East and former CIO at Deutsche Bank and UBS, will discuss the evolving regulatory environment, key data platform requirements for sustainable regulatory compliance and how a large bank used regulatory data management to fuel new business initiatives.