The following is a guest post from freelance writer Regi Publico.
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The Importance of GDPR For Businesses
The General Data Protection Regulation (GDPR) is a regulation that emphasizes privacy, security and data protection for all individuals within European Union countries. This article will explain why the GDPR is necessary for your company and what you need to do to comply.
Why is Being GDPR- Compliant Important For Your Business?
This is an important question. The answer depends on your business and the type of data you have. If you have a small-scale start-up, this will not be an issue. However, if your business is more prominent and relies on selling to customers in the EU, it's a good idea to be GDPR-compliant. The following are the reasons:
Personal Data
Personal data refers to information that identifies an individual. This includes names, email addresses, postal addresses, phone numbers, etc.
Personal data is a crucial component of many business transactions for e-commerce, customer service and other purposes. If you have any personal data, you must remain compliant with the GDPR.
If you don't, you could be subject to a fine of 20 million euros, or 4% of your global annual turnover for the preceding financial year.
Reputation
Business reputation should be at the top of every business owner's mind. It would help if you considered how much brand perception is worth to you and your business. This is very important in today's digital climate.
If you are not GDPR-compliant, you could be subject to a hefty fine. This may be detrimental to your business's reputation. As a business owner, it is your job to ensure that you control your business's data and that no personal data is ever leaked.
Support Services
Business support services are another factor that should influence decisions regarding the GDPR. Some businesses hire out customer support services from independent companies. If you do this, you may rely on these third parties to comply with the GDPR.
The same applies to other support services. If you're selling things via an online shop and need delivery, be sure your vendor is GDPR compliant. This may be an expensive error, and it's not worth jeopardizing your company's image over something so minor.
How to Be GDPR-Compliant
If you want to learn how to comply with the GDPR, several resources are available on the internet to assist you. Many of the tips and resources apply to other countries.
GDPR-Compliant Privacy Policy
Your website or online store should have a clear and detailed privacy policy. This should include your use of personal data in your business, how you plan to store the data, and why you choose to do so. You can also refer to this guide for more advice.
Customer Consent
If you're collecting personal data, ensure that you seek your customers' consent. Consent may be granted in various methods, including verbally over the phone, by email, or in writing. If a youngster under the age of 16 cannot provide consent, their parent should.
Data Retention Policy
A data retention policy should be in place to inform users how long you will keep their data before it is deleted or disposed of. It should also include what constitutes personal data, when it is collected and how you plan to store it.
Data Protection Officer (DPO)
This is a requirement under the GDPR. You should appoint a DPO if your company processes more than 2,000 people's data each year or more than 500 individuals' data in one calendar year. If you want to appoint a DPO, you'll need to be sure that they are GDPR-compliant.
Data Security
You must make sure that your business is GDPR-compliant regarding data security. This includes ensuring that you have a clear and comprehensive internal policy detailing how data is stored, accessed and secured. To guarantee openness, you should make this apparent in your privacy policy.
Clear records of consent, requests and storage are crucial to demonstrating compliance with the GDPR. They should be easily identifiable within your database and shouldn't contain personal details such as names or addresses.
Data Breaches
If your company suffers a data breach due to the GDPR, immediate communication with the ICO is necessary. It would help if you also informed the individuals whose data may have been compromised. The ICO will then notify the individuals of your company and the local supervisory authority in that area.
Conclusion
The GDPR is of great benefit to consumers concerned about their privacy and how businesses use their data. The GDPR compliance has also made it much simpler for companies to comply with the new data protection rules, one of the main reasons many business owners want to be compliant.
The GDPR has tight regulations in place for the use and storage of personal data, which is designed to protect the consumer's rights over their privacy. But, with so much to consider, it's worth speaking to an expert who can help you set up your business in line with the GDPR.
Regi Publico is a full-time writer who is also an artist for fun. She takes pride in her towering collection of books and loves reading about anything under the sun. She is passionate about sharing her knowledge through every article that she writes. You can find her on LinkedIn.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Justin Grays. Any content provided by the author is of their opinion and has not been verified by Justin Grays.