General Data Protection Regulation (GDPR) has been keeping an eye on the outrageous multimillion-dollar fines businesses got to confront if they fail to protect customers’ data.
Data Protection Audit came up as a measure to protect businesses from heavy fines for non-compliance (up to €20 million or 4% or annual global turnover).
Vendors, suppliers- the ones who are active in the market are working hard to boost sales for their services. Of course, the price of noncompliance with the GDPR is something that can be overbearing.
If you are too fixated upon the punitive side of GDPR- you are probably closing the door of opportunities knocking at your business firm.
Need GDPR compliance for your business? Companies like The DPO Ltd offer GDPR Audit Services. This includes Data Protection Impact Assessments (DPIAs) and Data Audits and Gap Analysis, and tailor-made solutions for businesses of all sizes.
Don’t know whether GDPR will be profitable for your business or not? Have a look at plenty of advantages for complying with your business via GDPR.
Boost Customer’s Confidence in Your Business: GDPR compliance will prove to customers that your firm can serve as a reliable custodian of data. This new legislation mandates that each business must have a data protection officer (DPO), and cater to regular audits of data processing activities. It means that your organization will have to adhere to a set of data protection principles under the GDPR.
Enhanced Data Security: Having a GDPR-compliant framework will extend cyber security practices- thereby lending optimum protection to your business-critical data.
Lower down the Maintenance Costs: Complying with the GDPR can help your business to save money by reducing the unnecessary expenses on data inventory software and legacy applications that are no longer relevant to your organization. By adhering to the GDPR’s mandate will help to keep your data inventory up-to-date, reduce the cost of storing data by consolidating information that is present in silos or stored in inconsistent formats. In this way, your organization will also be freed of data maintenance costs, which otherwise would have been incurred in the form of man-hours and infrastructure maintenance.
Better Decision Making: GDPR helps organizations to make better decisions. This implies that you will no longer have to rely on automated decisions that are solely based on an individual’s data. After all, automated decisions, such as determining whether or not to provide insurance or a loan to a customer, can be prone to error. The GDPR mandates the right to obtain human intervention, thereby squeezing space for arbitrary decisions.
PS: It is advised to access fully Outsourced Dpo Services to effectively comply with upcoming obligations under the General Data Protection Regulation (GDPR).