The European regulation is one of many that are trying to make digital environments more secure for consumers.
The fines may be hefty but so, too, are the costs associated with compliance. The additional overhead might be a death knell to SMBs.
Fines Aren’t the Only Cost
Fines Aren’t the Only Cost
Increasingly, consumers are concerned about how their data is being collected, used and exposed to risk online.
But Consumers Are Demanding
But Consumers Are Demanding
The benefits to consumers are evident, but there are 6 major benefits for businesses that meet GDPR compliance.
Businesses Can Benefit
Businesses Can Benefit
1. Enhanced Cybersecurity
1. Enhanced Cybersecurity
Businesses will have to enforce a comprehensive data security strategy with the appropriate technical and administrative controls to safeguard their data and meet compliance.
2. Improved Data Management
2. Improved Data Management
You should get rid of redundant, obsolete and trivial (ROT) files, and make your data searchable. The data that you do collect will be lean and indexable.
3. Increased ROI With More Qualified Leads
3. Increased ROI With More Qualified Leads
Your opt-in cookie policy may result in a smaller data pool, but every user actively made the decision to allow you to use their data, making them more qualified.
4. Consumer Trust
4. Consumer Trust
Securing customer data to the standard of GDPR highlights how much you value your customers’ personal data and how seriously you take the threat of data breaches.
5. Market Differentiation
5. Market Differentiation
You can establish a company culture that demonstrably cares about consumer privacy, and promote that advantage in a sea of competitors that haven’t yet made a move on data security.
6. First-Mover Advantage
6. First-Mover Advantage
You can go through many iterations of data security practices to perfect your systems, anticipate future requirements and achieve compliance before it’s mandatory or enforceable.