The strict guidelines around data security will reduce risks by making businesses less vulnerable to security threats, data loss and breaches, thereby decreasing the likelihood of brand and reputational damage as well as regulatory fines. Higher levels of security will also ensure that customers have trust and loyalty with your brand and improve brand confidence among the public.
Data integration
Many firms currently have an overwhelming amount of fragmented customer data stored in their systems with little guidance or understanding of how to use it. Typically, various components of data are stored in multiple locations, leaving businesses vulnerable to the risk that any update does not populate data thoroughly.
Through cleaning and analysing this data, business will be able to improve their existing processes, reduce storage costs and gain a competitive edge over their competitors. Incorporating improved data storage systems can work to establish patterns and trends in your business, enabling you to innovate and launch new products.
Harmonisation
Currently, businesses operating in the EU do so under 28 different data protection laws. The introduction of GDPR will create one set of rules that governs Europe, making it easier for firms to maintain business and ensure compliance across borders.
In the case of a data breach, processors and controllers are given limited time to notify the individual and the ICO. Consistent standards in place across EU states will introduce efficiencies among controllers and processors to establish compliant data security regimes and breach notification procedures to ensure swift and fast responses.
Jon Cooper is the company secretary at SteelEye and director of CooperFaure Accountants
