Tuesday, July 27, 2021
HomeBusinessGDPR: What is It and How Does it Impact My Business?

GDPR: What is It and How Does it Impact My Business?

The internet has greatly changed the way people interact and do things. Whether you want to shop, communicate, conduct research, or hold a meeting, the internet offers you a chance to do all these things.

But have you ever thought about the amount of personal data you share on the internet? Do you know who is in charge of that information?

Information includes addresses, contacts, banking details, social media posts, sites that you often visit, IP addresses among other information. In most cases, companies will tell you that they collect such information in order to offer better services. But is that the whole truth?

This is where GDPR comes in.

What is GDPR?

GDPR is an acronym for General Data Protection Regulation. It is a regulation that came into effect on 25th May 2018. The regulations are applicable across Europe and the EEA region.

The most affected groups are organizations and businesses engaged in selling and storing the personal information of European citizens.

The GDPR rules give more control to people in European countries over their personal data. It assures them that whatever information they share online is secure and well protected.

According to GDPR, personal data is defined as any information relating to a person like a photo, name email address, social media websites, bank details, computer IPs, or local details. This means any company or individual that goes against these regulations risks a hefty fine.

What Are the Business Implications of GDPR?

As mentioned earlier, the GDPR regulations give consumers more power over their personal information. It is upon companies and businesses to ensure that they are complying with all the stipulated laws. Otherwise, you will be considered non-compliant. But what is GDPR compliance?

Basically, GDPR compliance affects all businesses operating in Europe, irrespective of whether the data is processed in Europe or not. For example, if you have a business that offers goods or services to people in Europe, then it means you have to comply with GDPR directives.

How Can My Business Adapt to GDPR?

There are several ways through which companies can adapt to GDPR. Every company or business that deals with personal data needs to hire a data controller or data protection officer to ensure GDPR compliance.

There are harsh penalties for organizations and companies that fail to comply with GDPR directives including a fine of four percent of the company’s annual global earnings.

How GDPR Will Affect Your Communication With Clients

There’s no doubt that GDPR is going to affect the way you communicate with your customers over the internet. Unlike in the past, getting consent from users has become stricter and complicated. Customers have a right to refuse or withdraw their earlier consent at any time.

This means that as a business, you need to prove that customers gave express consent before you perform actions such as sending a newsletter or subscribed them to a certain service.

Bottom line

GDPR has proved to be a game-changer when it comes to the use of personal data. Most organizations have been forced to go back to the drawing board to review their policies concerning data management.

vlalithaa
I am Lalitha Part time blogger from India . I Love to write on latest Tech Gadgets , Tech Tips , Business Ideas , Financial Advice , Insurance and Make Money Online

Most Popular