There are many benefits for businesses complying with GDPR.
If your business complies with GDPR, then your customers will have proof that your organization keeps their data well. The mandate of this new legislation is that every organization have a data protection officer, together with regular audits of data processing activities. Your organization also has to comply with a set of data protection principles under the GDPR so that personally identifiable information of your data subjects’ are kept secure.
If there is a data breach, then its consequences can make your brand equity suffer; customers will defect and you have to face many escalating costs. The GDPR’s proposed security practices will help your business a lot since it will assure your customers of a secure data governance system in place.
What threatens businesses in the UK is cybersecurity breach which many already experiencing cyber attacks. Each day, the scale and sophistication of cyber-attacks is growing, but your cybersecurity practices will be extended with the GDPR compliance framework in place.
In order to ensure that data does not fall into the wrong hands, GDPR mandates that access to critical data in your organization be given to only a few professionals. Any breach in data has to be disclosed within 72 hours according to GDPR requirement. Your data is secure with GPR compliance.
You can cut costs by complying with GDPR since any data inventory system and legacy application are to be retired if they are no longer relevant to the business. The cost of storing data will be reduced if you keep your inventory updated and discard old data according to GDPR’s ruling. Following GDPR’s ruling will also free you from data maintenance costs.
Effective engagement with customers is another benefit of GDPR compliance. There will be more personalized communication because of the detailed information collected, and you save cost from pursuing customers that are not interested.
Improve your organization’s network, endpoint, and application security is part of GDPR compliance extension. If your organization migrates towards the latest technologies, two purposes will be served. You can effectively manage the growing demand for dat and it allows you to offer end users augmented products, services, and purposes.
The new environment of your organization can be monitored for any data breach with third-party management tools. Log data can be monitored by these tools and they can keep a tab of data transferred outside your environment. These tools also check the integrity of files and folders in your network, endpoint devices, and applications, and on the cloud. When an anomaly is detected, most third-part tools send out an alert notification so that you have time to avert any compromise.