Last week, we explored GDPR – an acronym you’ve probably heard once or twice (or 50 times) over the past few months. Today, we’re going to look at the impact of GDPR on U.S. businesses. But first, if you didn’t catch our article, here’s a brief refresher:
At its core, GDPR’s goal is to protect EU citizens’ data. Since data can be transmitted and shared across countries, indeed, across the globe, any company, no matter where they’re located, that has consumers located in the EU are subject to GDPR.
If your company’s client or customer database includes contacts in the EU, you’ll want to do two things immediately:
Here in the U.S., many of us have become accustomed to businesses leveraging consumer data for a variety of reasons – most commonly, to fine-tune targeting and boost revenue.
Essentially, this entire concept has been turned on its head in the wake of GDPR.
While GDPR won’t impact the way your business interacts with U.S.-based consumers, it will impact you and any company that offers products or services to citizens of the EU.
Bottom line: Businesses that fail to adhere to GDPR face stiff penalties – the largest to ever be put into place since the dawn of digitization. How large? Whichever is greater: up to 4% of your annual global revenue or 20 million Euros. Seriously.
Monetary penalties aside, GDPR has far-reaching implications of how businesses engage with consumers. GDPR ensures EU citizens have a new series of unequivocal rights, including but not limited to the right to:
Did any alarm bells go off while reading that list? That’s because nearly all of these rules can have a significant impact on the ways in which you market to potential or existing customers and clients.
Complying to GDPR requires much more than some IT tweaks or the addition of a few disclaimers to your website. Based on your current marketing operations, your company may be looking at a complete overhaul of tactics and strategy. (We’ll dive more deeply into specific GDPR compliance tips in the future.)
But one thing you can do to prepare is to assess your existing databases to get a sense of what kinds of personal data you already have on your consumers. Data protection software like Avexta’s DataSense is a great place to start.
DataSense can quickly and thoroughly scan your servers for personally identifiable information, including social securities numbers, birthdates, passport numbers, IP addresses, and other types of data.
Interested in learning more? Find out how Avexta can help you meet your GDPR requirements.