There are many benefits for businesses complying with GDPR.
If you want to prove to your customers that your business is a good keeper of data, then you need to comply with GDPR. This is because the GDPR requires that a data protection officer will be a part of your organization, and that data processing activities will have regular audits. 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. Your brand’s reputation will be boosted with GDPR’s proposed security practices, which shows your customers that you have a secure data governance system in place.
A lot of enterprises in the UK has already experienced cyber-attacks and it is one of the big threats to businesses in the UK. Your cybersecurity practices will be extended with GDPR compliance framework in place so it can face the scale and sophistication of cyberattacks.
The mandate of GDPR is that only a few professionals have access to critical data in your organization so that data does not fall into the wrong hands. Any breach in data has to be disclosed within 72 hours according to GDPR requirement. Your data is secure with GPR compliance.
Complying with GDPR can help your business cut costs since you are to retire any data inventory system and legacy applications that have no longer any use for the business. Following GDPR’s ruling to discard irrelevant data and keep your inventory updated will help you reduce the cost of storing data. Data maintenance cost in the form of man-hours and infrastructure maintenance will also be lessened.
Another benefit of GDPR compliance is that your organization can effectively engage with customers. There will be more personalized communication because of the detailed information collected, and you save cost from pursuing customers that are not interested.
Your organization needs to improve your network, endpoint, and application security as an extension of GDPR compliance. There are two purposes for migrating towards the latest technologies. You can effectively manage the growing demand for dat and it allows you to offer end users augmented products, services, and purposes.
You can monitor any data breach with third-party management tools. You can monitor log data with these tools and data transferred outside your environment can be kept a tab of. These tools also check the integrity of files and folders in your network, endpoint devices, and applications, and on the cloud. In order to give you time to avert any compromise, most third-party tools send out an alert notification when an anomaly is detected.