The importance of GDPR for businesses
If GDPR exists to protect customer data, then why is it important to your organization and why should you comply?
It’s worth noting that 56% of consumers albania whatsapp number data 5 million said they are unlikely to trust organizations that aren’t fully transparent about how they use their personal data. Here’s a breakdown:
Image from Statista
Once you lose your customers’ trust, they may never work with you again. Here’s how GDPR compliance can protect your organization from such situations:
- GDPR compliance demonstrates your commitment to data privacy and protection. It can help you build your brand reputation and improve customer retention .
- It encourages you to implement assigning a new curator to crm better data management practices in your organization, thereby improving data quality, accuracy, and reliability.
- Prioritizing GDPR compliance can differentiate your business from your competitors. It can help you attract privacy-conscious consumers and partners.
- Failure to comply with GDPR can result in severe penalties and fines that can impact your bottom line. Compliance helps you protect your organization from losses.
Who does the GDPR apply to?
The GDPR applies to any organization that provides goods or services to consumers in European Union (EU) member states and European Economic Area (EAA) countries.
This applies even to companies that are not based in the EU but provide goods and services to residents of the region or process their mobile lead personal information. If you have an e-commerce store in the US and sell products to French customers, you must comply with GDPR regulations.
The GDPR focuses on the following categories:
- Data Controller : An organization that decides how personal data is processed.
- Data Processor : An entity that processes data on behalf of a data controller.
- Data Subject : The consumer whose personal data is collected and processed.
The importance of GDPR compliance for businesses in and outside the EU
A GDPR compliance checklist is only useful if you understand why your business should be compliant.
So, let’s discuss why GDPR compliance is critical for businesses both inside and outside the EU:
- Avoid fines and legal consequences : Complying with data protection regulations helps avoid penalties and lawsuits that could damage your business’s reputation and operations.
- Expand market reach : If you have business outside the EU, GDPR compliance can help you enter the European market and expand your customer base.
- Improved Data Governance : GDPR compliance helps you develop a structured data governance framework for your business. This will help you better understand and manage your customers’ data.
- Reduced data storage costs : Storing large amounts of personal data can be expensive. However, focusing only on necessary user data can significantly reduce storage costs .
- Build customer trust : When you’re transparent about how you use customer data, they’re more likely to trust your business. It helps you build stronger customer relationships and encourage brand loyalty .
What do data protection laws protect?
Under GDPR guidelines, companies must think broadly when deciding how to handle personally identifiable information. Data that you might not consider sensitive may still be protected under GDPR. This is where tools like access control lists come into play, enabling organizations to effectively manage and protect data.
