The General Data Protection Regulation (GDPR) is a legal framework that sets guidelines for the collection and processing of personal information of individuals within the European Union (EU). The requirements are tough and the penalties for non-compliance – big.
Being GDPR compliant is a major plus in marketing terms for your business. It can improve your business reputation in the eyes of potential customers as they would have more trust in your company with storing their personal data.
Another great benefit of GDPR for your organization is the improved accuracy of data stored in your databases. Customers are allowed not just to access their personal data, but to inspect and validate the stored information.
One of the big drawbacks of GDPR compliance is of course the cost to reach it. Updating your company’s internal policies is not enough to become compliant. You need to make sure that all your products take a privacy-first approach and depending on the amount of EU citizens’ data that you process, you might have to appoint a Data Protection Officer (DPO). This calls for additional cybersecurity features that need to be added in software architecture, meaning more work for developers. Another big concern for companies is the massive fines for non-compliance.
Yes, every organization that processes data of EU citizens must comply with the new regulations, regardless of where it is located.
No. GDPR affects companies in the UK if they have clients in the EU, or store EU citizen data in any form.
The point of GDPR is to ensure fair and proportionate action is taken against those that fail to meet the agreed standards. There are warnings, recommendations and finally fines for the worst-case scenarios. Your business can be fined up to €20 million or 4% of global annual turnover in case of non-compliance.
You need to appoint a DPO in case your company:
It took over 100 hours of work from our team to make SkyFlok GDPR-compliant – that way we can make it easy for you to comply. As a privacy-first solution, we pay special attention to data protection and security. Thus, we welcome GDPR’s focus on privacy and accountability.