Research by Callcredit reveals that 81% of UK consumers are more likely to share their personal data once the General Data Protection Regulation (GDPR) is in place.
The legislation was originally drawn up by the European Commission to harmonise data protection within the EU and to govern the export of personal data beyond the EU’s boundaries. It will come into force in May 2018, following a two-year transition period.
Mark Davison, Chief Data Officer, Callcredit Information Group, said: “The digital revolution has led to an unprecedented explosion of personal data that continues to erupt at an astounding rate. Naturally, consumers are curious about how this data gets used and how safely it is stored. But while regulation is one way to build consumer trust, businesses also have a crucial role to play in ensuring the security of their customers and making sure they communicate the steps taken to achieve this at every stage of the customer journey.”
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GDPR will apply to every organisation in the EU and any organization holding data that belongs to an EU citizen.
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Mr. Davidson went on to say:
“More must be done to ensure that people feel they have full control over their own data and a deeper understanding about how brands are using it. This, combined with tackling consumer concerns about the risk of identity theft and online fraud, will accelerate growth of the hotly anticipated rise of the personal information economy to the mutual benefit of both businesses and consumers.”
Ignoring the regulation until it's too late could be a costly mistake – fines imposed can be 4% of turnover or 20 Million Euro.
For more information on our the GDPR confernce, visit GDPR Summit Series