ARE there four letters presently capable of generating greater fear and anxiety for organisations around the world than GDPR? Colin Tankard, managing director, Digital Pathways, seeks to alleviate those concerns
The majority of conversations surrounding the imminent arrival of GDPR – General Data Protection Regulation – strike a tone similar to the way citizens were prepared for nuclear Armageddon during the Cold War. But all is not what it seems; there are definite benefits to the GDPR and here are a few of them.
1. REDUCING DATA STORAGE COSTS
Before the digital era, businesses had a finite capacity for data storage. As filing cabinets looked ‘fit to burst’, it was time to assign non-useful or irrelevant documents to the shredder. The transition from hard to digital copy left the need to maintain ‘good housekeeping’ somewhat redundant with data very much out of sight, out of mind.
But storing data is costly, as is the storage of back-ups. It is estimated that over half of all information stored and processed by organisations has an unknown commercial value, with at least a third estimated to be redundant, obsolete or trivial!
The GDPR will require organisations to know exactly what data they hold, where it is stored and how long it should be retained. So, the implementing of a data management policy could result in the deleting of unnecessary documents, saving the costs of storage.
2. A COMPETITIVE EDGE
Trust is a valuable currency in today’s business world. With the reporting of many high-profile data breaches and successful hacks, engendering end user trust in your businesses is paramount. Those that can prove their commitment will command a competitive advantage over those that don’t.
Under GDPR, data processors will be just as liable as data controllers for ensuring they are compliant. Those businesses that can show they take the responsibility of securing their clients’ data seriously will have added value.