NGDATA’s CEO, Luc Burgelman, talks about “GDPR And The Trusted Framework For Data Privacy” in Forbes.
Designed to bolster and bring together regulations involving data within the EU, the General Data Protection Regulation (GDPR) aims to provide consumers with greater control, privacy and transparency over their personal data. With an enforcement deadline of May 25, 2018, and steep non-compliance fines of up to €20 million or 4% of annual global turnover, organizations across the globe are scrambling to make any remaining changes needed to meet GDPR guidelines. Companies have been spending millions of dollars on GDPR-related technologies, many are ramping up their legal budgets, and some are even considering doing away with customer data altogether in order to avoid added cybersecurity complexities and potential legal complications.
The widespread fear over the GDPR deadline was (and still is) largely misguided, however. When adhered to properly, GDPR can create a mutually beneficial exchange between companies and their customers. More specifically, it can drastically improve customer interactions by providing customers with explicit choice over their preferred experiences. By enabling companies to accumulate and apply more accurate and insightful customer data overall, GDPR can provide infinite revenue-generating opportunities for businesses over the long term.
But the biggest – and perhaps not the most obvious – benefit of GDPR is that it’s allowing companies to start a trusted dialogue with their clients, thereby creating a standard framework for data privacy.
