The Opportunity of GDPR
GDPR is a subject that has been gaining greater awareness in organisations across the globe in recent months. Let’s have a look at it is and what impact it will have on your organisation.
How we can help your organisation
Understanding the impact of GDPR on your organisation will take time. Making sure that you have the right staff in place and ensuring that everything is available for GDPR audit requirements will also require time. To assist you at pace Paul Cook has teamed up with accredited partners to deliver services to help.
Here are some of the services offered:
- High level strategy coaching and guiding for GDPR compliance
- Training for staff to become GDPR Practitioners
- Training for staff to become Data Protection Officers
- Data Protection Impact Assessments
- Data processes and auditing
- Supply of Interim Data Protection Officers
- Supply of interim GDPR Practitioners
- Events, briefings and presentations to staff to embed GDPR into the organisation
What is GDPR?
The General Data Protection Regulation (GDPR) is the new European Union Regulation which replaces the Data Protection Directive and the UK Data Protection Act.
In essence it involves the protection of personal data and the rights of individuals. It is a whole series of data privacy enactments that is effective from 25 May 2018 for European Union countries and citizens.
It will have a cascade of effects on consumers and businesses operating, even tangentially, in the EU. One example of this is where an organisation resides outside the EU but offers good and services to EU citizens. That organisation will be bound by the EU regulation.
What are the threats?
Organisations of all shapes and sizes will be affected. For those that are not taking the issue of safeguarding personal data as a key priority there will be potential fines and penalties.
However, whilst many posts, white papers, guides and tip sheets focus on the fines and penalties as being the most serious issue, our belief is that being told to cease business activity would be equally as devastating. The Supervisory Authorities in the various territories have the power to do just that, they can enforce activities to stop.
If your organisation was told to cease operating whilst a data breach was investigated what would the impact be for your business? Just take a moment to consider that scenario.
Key threats that we see are:
- Client trust is lost
- Profitability and financial strength is reduced
- Adverse effect on reputation
- Potential closure of your organisation
What are the opportunities for your organisation?
The reverse of the threat from GDPR are of course the opportunities. GDPR definitely brings new opportunities for organisations.
- Here are some that we have identified:
- Be known as a trusted organisation
- Win new clients
- Retain current clients
- Increase market share
- Increase profitability
- Enhance reputation
For organisations that understand how to make the most of the regulation they will gain trust and a bigger market share.
After all, who wants to deal with a company that doesn’t care about whether your identity can be stolen or not?
The clock is ticking
Even though the clock has ticked down and passed the deadline of 25 May 2018, we suggest that any time is a good time to review exactly where you with GDPR. You can guarantee that the Regulation will always be evolving and you need to be up to speed with it.
Levels of awareness
How aware of GDPR are: your Board, your staff, your interns or your volunteers? What understanding do your suppliers (especially if they are processing data for you) have of their GDPR responsibilities? You can be sure that you will receive more and more questions from clients and suppliers about your data protection measures as the deadline draws ever closer.
Find out more
If you would like to have a conversation with Paul about the threats and opportunities that GDPR has introduced, use this contact form.