The General Data Protection Regulation (GDPR) was designed to give citizens of the EU greater control over their data and to ensure that companies and other organisations process it responsibly. Having been adopted into UK law, the GDPR applies to organisations that collect and process the personal data of EU & UK citizens, regardless of where the company resides.
While GDPR compliance can be tedious, especially for small businesses with minimal staff, taking these rules seriously will benefit your business in the long run. Here are five benefits of ensuring that your business is GDPR compliant.
1. Increased Customer Trust
Today, the internet is more vital than ever. Businesses, consumers, and governments rely on the internet to conduct commerce, communicate, and share information. With the internet comes an ever-increasing number of opportunities but also an ever-increasing number of risks. In this digital world, trust is critical.
Trust allows us to make transactions, engage in business, and share information confidently. It allows us to trust that our data is secure and our privacy is respected. Without trust, the internet would be a much less useful tool.
GDPR compliance helps build customer trust by demonstrating that your company takes their data privacy seriously and is committed to protecting its data. This can increase customer loyalty and create a positive brand image.
2. Improved Security
Just because you’re a small business doesn’t mean you’re not on cybercriminals’ radar. Because of reluctance to invest in security measures, smaller businesses can be more prone to cyberattacks that can erode customer trust and seriously impact profitability.
GDPR compliance is a critical part of protecting the personal data of individuals. It requires companies to implement robust security measures to ensure that the data they collect is kept secure and private. This helps to reduce the risk of cyberattacks, data breaches, and other malicious activities that can cause serious harm to an organisation.
3. Higher Efficiency
One of the main benefits of GDPR compliance is the accuracy and completeness of the data that businesses collect. The GDPR requires companies to ensure that all data they gather is accurate and up-to-date and that they have the necessary consent from customers to collect and process the data.
Having accurate and up-to-date data can help businesses streamline processes, improve customer service, reduce costs, and increase efficiency.
4. Competitive Advantage
Many businesses are still struggling to become GDPR compliant, so being ahead of the curve can give your company a competitive advantage. Achieving GDPR compliance can be tedious, but the sooner you can get it done, the better experience it will be for your business and customers.
5. Reduced Fines
Failing to comply with GDPR can result in hefty fines of up to £17.5 million (€20 million) or 4% of global turnover. You can avoid these costly penalties by taking GDPR seriously and ensuring that your business is compliant.
Conclusion
Overall, compliance with the GDPR can be an excellent opportunity for businesses to improve their processes, reduce costs, and increase efficiency. By ensuring that their data is accurate and up-to-date and that they have the necessary consent to collect and process data, businesses can benefit from GDPR compliance.
Not yet up to date with the new GDPR rules? You’ve come to the right place. Our barristers in Belfast will assist you with GDPR compliance any time of day. Contact us today to learn more.
