At this very moment, business leaders across the globe are scrambling to ready their organizations for May 25, 2018, the date that the landmark EU General Data Protection Regulation goes into effect. To be sure, GDPR carries a big “stick”, with fines for non-compliance reaching €20 million or four percent of annual global revenue, whichever is higher. That’s nothing to sneeze at, but fewer people are talking about an equally significant “carrot” offered by the regulation.
What is this silver lining? It’s about gaining a competitive advantage by building and maintaining more valued and trusted relationships with consumers that translate into long-term loyalty, and that loyalty amounts to real business value. If your data protection compliance goals are all about checking off boxes, you may be missing a big opportunity to reimagine your digital strategy and drive new levels of success across your business.
If you count EU residents as customers, meeting GDPR requirements is table stakes. But, by increasing the transparency of your online interactions with consumers and giving them visibility and control of their own data, you’ll earn their trust, enhance your brand’s reputation and stand out in a crowded and ever-evolving digital marketplace.
This dichotomy is at the core of an upcoming web conference that I’m proud to be a part of, curated by the International Association of Privacy Professionals (IAPP) and featuring experts in data privacy, security and customer experience from EY Financial Services Advisory and Huawei. If you’re in the midst of GDPR preparations, the information you’ll take away from this discussion will be invaluable to your efforts.
I urge you to register today and reserve your spot. You won’t be sorry!
By Jason Rose