It is a law that is concerned with the privacy of personal data of citizens when they transact with organizations. The data of individuals is resold to other organizations without the consent of the owners and the organizations use the data to market to the customers; for example, spam mails. Organizations should adhere to GDPR because it also beneficial to businesses.
You will build more trust in your customers when you comply with GDPR rules and regulations because customers will feel secure with your organization handling their private data. You will need to have a data protection officer who ensures that the company formulate and implement measures to secure the private data of customers. This is because GDPR also needs the organization to ensure that customers private data such as personal identification information, medical records and so on is highly secure from access by unauthorized people whether from outside or inside the organization. The officer also conducts a regular audit on data processing activities. When customers build trust in your brand, you will have more sales among other benefits.
The GGPR rules, regulations, requirements and policies will help in reducing maintenance costs in your company. GDPR needs you to stop using applications and data inventory software that are not useful to your organization. You will be able to cut the maintenance expenses of systems that do not add value to you. Your company will not be willing to use its resources to secure them, yet they’re not of much off they are not of many benefits hence you create a loophole for intruders to access your data through them. New employees need the training to use the systems, and you need to buy updated versions of these systems which is an added expense to the company.
Another policy of the GDPR is to ensure that you update your database on a regular basis. Errors in a database will generate reports that will mislead decision-makers and lead them to make wrong decisions. If a company to be acquired or merged with produces reports that do not reflect its financial position because of the errors in their database your company may acquire the organization out of ignorance. If your company was the one to be acquired or merged with, you might face legal suits for false representation of your financial position.
You have to engage customers in personalized communication before you collect data about them. This saves the organization from costs of pursuing customers were not interested in buying their products or services.
You will be able to improve the security of data of the organization. The many innovations in information technology are enabling cybercriminals to get access to systems that have weak security. GDPR gives authority to a few professionals in the organization to access the company’s data. When only a few people can access, intruders can quickly be identified. People who have access to the data can quickly remember that people they have shared passwords with among other things that can help solve the situation faster. Organizations must report and disclose any breach of data to the relevant authorities within seventy-two hours of their occurrence if they are under GDPR.