Business benefits of GDPR privacy regulation

The new data protection regulations for both large and small business have more transformational and unexpected benefits. Every organization which collects and process personal information from the clients for different purposes are affected by this data protection regulation. The protection regulations which came into force on 25th May mainly aims drastically to increase the transparency in the data processing methods of any worldwide business that handles the data of EU citizens. However, the Gdpr is more focused on strengthening data privacy.

The five key business benefits of GDPR

1. Improved consumer confidence: Along with businesses, the consumers also will have a genuine personal impact by GDPR which can improve their confidence in sharing data with companies. Importantly 62% of consumers have increased confidence in sharing information with companies after introducing the new GDPR regulations.

2. Better data security: GDPR also includes the new rules on how organizations should manage or process that data and also empowering clients to decide what happens with their personal information. There are mainly some simple and important methodologies to ensure that the security of the organization which measures the effective work towards GDPR data protection compliance are:

• Know the Data completely

• Assess the current state of action

• Plan and implement the Programme for Data protection

• Test, process & Manage the information

1. Helps to Reduced maintenance costs: Organizing stored data also involves merging information present stored in irregular formats. It may also mean separating data inventory software and legacy applications that are no longer relevant to your operations. All these methods will help decrease maintenance expenses which would be acquired via unnecessary man-hours and infrastructure maintenance.
2. Greater alignment with emerging technology: The new emerging technologies such as Skype and WhatsApp which allow private interactions and to share personal information are completely affected by this data protection regulation. Under GDPR companies require to get permission from users to track their usage or harvest data from conversations.
3. Excellent decision-making: The data protection law verifies that a business has the right not to be subject to a decision based solely on automated means if the decision provides legal effects involving the organization or significantly affects in a similar way. Profiling and automated decision-making are the general systems in a number of sectors, such as banking and finance, taxation and healthcare.

GDPR awareness is really necessary to protect or secure the customer's personal data and to gain their confidence and trust with proper implementation. Each and every employee in an organization have the responsibility to keep a track in protecting information that have been collected for various purposes. The key things you will learn after completing with GDPR are:

• Describe the main and important reasons for the new regulation and the scope of its implementation.

• Identify the key members in the processing of personal data and handle or manage their duties

• Explain the key policies and requirements which determines the lawful basis for processing

• Describe the key regulatory features changing organizations and the risks and opportunities emerging

• Know the next steps for managing or implementing compliance and building a privacy awareness culture in the organization

Gdpr will be affecting all organizations that do business within and outside EU, handling EU information. Under Gdpr, companies are moving away from the legacy systems towards a company-wide approach to the protection of personal data.