By the end of May 2018, the GDPR will regulate all activities involving the personal data of EU citizens. Under this regulation, companies around the world are only allowed to process and store data of European citizens if they can prove compliance with the strict rules of the GDPR.
The EU regulators are trying to keep up with new technologies and companies that accelerate both the legitimate and illegitimate uses of personal data. Because it is not just the hacker that drives the need for more protection and stricter regulation. Facebook and other data collectors that are commercialize services to obtain the rights to the data they collect and store also increase the need to give citizens statutory protection.
As the deadline looms, many businesses still aren't ready. That is a missed opportunity: companies who are GDPR-compliant, have a strong competitive advantage.
Once the GDPR comes into effect end of next month, compliance with the GDPR will become an important point of differentiation. As even third-party non-compliance can leave a company liable to penalties, enterprises all over the world will only be interested in doing business with organizations that can demonstrate compliance and effective control over their data. This makes proof of compliance a very important criteria in the selection of a potential supplier.
No company can ignore the upcoming GDPR. Not being compliant is not an option as fines are huge and EU regulatory agencies will go after companies with the same enthusiasm as US authorities have enforced US regulations such as the FCPA. But don’t look at the GDPR with fear. See it as an unique opportunity to take control of your data, identify what’s important and what just takes storage space and use GDPR compliance as an opener for new market. The budgets to do so will open up much easier that way.