Although meeting the strict compliance requirements may be seen as a burden for many, GDPR can also serve as an opportunity for businesses big and small to benefit in the long term. Among these key benefits are the ability to increase data security, enhance customer centricity, stimulate innovation and improve brand confidence among customers.Preparing for Implementation
When preparing for GDPR, one of the first steps businesses should take is to fully communicate the new policies and systems to staff. Prior to the implementation date, a firm’s management team must ensure all staff receive comprehensive training in business practices, protocols and internal procedures.
Updating and managing current data will also help ensure businesses are in line with regulations for May 2018. If your business relies on individuals’ consent to process their data, now is the time to begin reaching out to them for approval and to validate that you received it prior to GDPR coming into force. As the business will be responsible for data security, stored data should be reviewed for obsolete and duplicated information. Holding unnecessary and multiple versions of data will only increase your chances of non-compliance or data breaches that come at a very heavy price.
To manage these requirements, an external risk assessment or a third-party system should be considered for those firms who do not have the resources to introduce a compliance or data officer role. This will help to guarantee you are in accordance with GDPR principles, including those on data collecting, reporting and security.
Apart from these measures, businesses should be proactive by preparing a contingency plan for a possible data breach and continuously review organisational practices.
Monitoring for any new guidance, continuously reviewing policies and improving procedures will help firms to capitalise on the key potential benefits of GDPR, such as the ones I list below.
- Increase data security
- Enhance customer centricity
- Stimulate innovation
- Improve brand confidence among customers
Check out the GDPR Summit London, taking place on October 9th. The event is a one-day deep-dive event that will explore the effects of the General Data Protection Regulation on business critical processes.