GDPR Compliance Is an Investment in Your Company’s Future
The new General Data Protection Regulation (GDPR) rules require complete transparency in order to remain compliant. While the rules can be complex, getting on board can reap rewards for firms. First of all, businesses need to know where and how personal data is stored and who is allowed to access it at all times, which can be challenging in the modern computing environment.
A good starting point is data management. Without a clear idea of what data your company keeps, compliance will be impossible. According to statistics from the Veritas Databerg Report, 85 percent of the data that organizations possess is ROT, which stands for Redundant, Obsolete, or Trivial. They also found that 41 percent of data had not been touched in the past three years, while data is expanding at 39 percent per year. This growth is not providing much insight, yet it is dramatically boosting the risk of security breaches and heightening costs related to data storage.
Better Efficiency, Lower Costs and Risks
While compliance can be a bit expensive initially, the investment can often pay off in terms of realizing operational efficiencies that can help the IT, HR and marketing departments. It can also help firms to align their processes and tools in ways that can improve employee conduct. Moreover, compliance can allow companies to digitize their future by turning their data into a business asset, decrease risk, and get rid of redundant data that is bogging their systems down.
By regaining control over data, firms can find new levels of efficiency while slashing costs and risks. Innovation, security, and business agility all stand to improve, while brand integrity can be preserved by showing clients that their privacy is respected and protected. GDPR compliance might seem intimidating at first glance, but it also presents a valuable opportunity for firms to make some positive changes that will have a big pay-off in the future.