Posted on May 14, 2019
It’s been almost one full year since the European Union’s General Data Protection Regulation came into effect, but you might know it better as four letters: GDPR. The data protection law was designed to provide EU citizens with more control over the information companies hold about them. GDPR has had a global reach and is likely to act as a blueprint for upcoming security regulations for other markets.
But despite the publicity that accompanied the new regulation – and the influx of emails from businesses many of us received – some organisations still don’t have a full grip with compliance requirements for data collection and processing. So, one year on, what are the challenges GDPR has brought and how have some organisations benefited?
Findings from Cisco found a clear correlation between GDPR-compliant businesses and lower rates of data breaches. By investing more in cybersecurity and data, organisations have helped to decrease their cyberthreat.
Data breaches can have a devastating impact on the reputation of an organisation. Users and consumers value their privacy and by being GDPR-compliant, organisations can now ensure confidence is not lost or damaged.
GDPR has allowed users to spend more time on the sites they enjoy without being overwhelmed with advertisements from unknown organisations they had been subscribed to in the past. It has been suggested that users are more likely to accept the mandatory opt-in from organisations and businesses they are interested in.
The cost of compliance
Making sure an organisation is GDPR-compliant meant ensuring policies were updated and processes were implemented. Depending on the quantity of data being processed, the cost of achieving compliance varied from hundreds to tens of thousands of pounds.
The penalty on non-compliance is certainly something that encouraged organisations to implement GDPR. With a potential fine of 2% of Global Annual Turnover, the cost of non-compliance would have severe consequences on a business.
While GDPR has been the thorn in many organisations’ side, there are many benefits to being compliant not least in helping companies be less prone to data breaches. All organisations know how damaging data breaches can be, so any steps that can help preserve reputation should the worst happen are welcome. While the penalties for ignoring GDPR are great, the long-term risks to your business could be even greater.
To find out how SIRE can help with your organisation’s cybersecurity, talk to us on 01344 758700 or email us on email@example.com.