May 25, 2018, is a day that’s been years in the making.
After a long, tense buildup from the introduction of the General Data Protection Regulation (GDPR) two years ago, the European Union begins enforcement today. What does this mean for your business? If you collect data from European Union (EU) residents, the burden is now on you to meet these strict consumer privacy and data protection requirements. For instance, you could be found in violation of EU law if you:
- Can’t show explicit consent from consumers for the use of their personal data
- Haven’t deleted data you don’t have consent to collect, process, or store
- Can’t adequately meet requests based on the GDPR’s data subject access rights such as the right to restrict processing and the right to erasure
The risks are severe. The GDPR exposes business who are found to be in noncompliance with the prospect of:
- Financial penalties of up to 20 million euros or 4% of their annual revenue (whichever is higher)
- Legal liability in the form of new class action lawsuits
- Operational setbacks caused by the freezing of data processing as GDPR authorities investigate violations
- Long-term damage to brand reputation
The rewards, however, are just as profound. At its core, the GDPR is about putting the consumer first. A business that can meet the requirements and address this core objective will also meet the burgeoning consumer demand for data privacy and personalization.
The key question becomes: how can your business mitigate GDPR risks and realize its potential rewards? We were an early advocate of this subject and, for the past two years, have provided practical advice on some of the toughest questions about how to address the GDPR. In fact, here’s a top 10 highlight list that will help you get an answer.
- GDPR Readiness Toolkit: Your one-stop resource to assess your business’ GDPR readiness and find actionable compliance solutions
- “The Digital Identity Crisis”: This free eBook offers key insights into the GDPR’s impact on businesses and technology.
- SAP Customer Consent Solution Brief: Learn more about this complete enterprise preference and consent management solution.
- Our Insightful GDPR Discussion with KuppingerCole: Discover key insights into what it takes to achieve digital excellence in the GDPR era.
- GDPR Predictions: Will this regulation alter the trajectory of the marketing industry? Our Co-Founder, Rooly Eliezerov, makes some bold predictions in this webinar.
- How to Turn GDPR Compliance into a Market Advantage: Get actionable recommendations on this vital topic from our experts as well as executives from EY Financial Services and Huawei.
- The Power of the Centralized Customer Profile: Hear firsthand how our customer, Sanoma, has leveraged our solutions to prepare for the GDPR
- Our Candid Discussion with Doc Searls: The acclaimed author says the GDPR will be an “extinction event” for adtech. Join the conversation to find out why.
- How to Sync Business and Privacy Objectives: Uncover ways to sync the objectives of your marketing and privacy teams in this helpful webinar
- Revisit the Initial Days of GDPR Readiness: Get the straight facts about the GDPR and how customer data management can help drive compliance initiatives in this webinar from the winter of 2017.
GDPR Enforcement: A Time to Look Ahead
The GDPR story has entered a new chapter and no one can know with certainty what lies ahead for businesses serving EU residents. We will, however, find out shortly.
To navigate this environment of potential risks and rewards, your business needs an agile, mature digital strategy for managing customer data.
Stay tuned to this blog for exclusive insights into how you can best define and implement that strategy for the GDPR era and beyond.
By Natalie Monetta