Is The GDPR Good For Business?

Getting your business compliant with the GDPR can seem a daunting prospect, and it can be hard to see the benefits with the huge potential fines looming.

The trust is, the GDPR is actually a very positive thing for business, with opportunities to improve your reputation, foster trust, and target your marketing with more efficiency.

Improve your reputation

As a consumer, the GDPR is a much-needed protection, updating ineffective and out of date legislation. For many consumers, the ability to control the use of their personal data is a priority when choosing which businesses they purchase from.

Consumers will be looking for fundamental signals that their personal data is properly managed and their privacy respected. Ensure your business has the following:

  • Cookie consent management, including options to select the types of cookies a user wishes to stop tracking.
  • Clear, easily understandable privacy policies and information notices.
  • Opt-in consent for direct marketing

Target your marketing

Many businesses have seen reduced numbers of subscribers to their marketing communications and have taken steps to remove those who had not previously given opt-in consent to their lists.

Whilst list sizes have reduced, most businesses will see increased engagement and efficiency from their marketing spend. This is because subscribers have shown an active interest in their brands, and so are much more likely to open and read those communications.

Avoid data breaches

An increased focus on data privacy within your organisation will help prevent data breaches, which are both costly and damaging to your reputation. A commitment to GDPR compliance will reduce the risk of a data breach and set you up with the appropriate action in the event a breach occurs.

To help prevent data breaches you should:

  • Train all your staff in GDPR and data privacy.
  • Use up-to-date and effective IT security software.
  • Limit data collection and storage to only the necessary data.
  • Anonymise data wherever possible.

The Data Protection Authorities who govern GDPR compliance are keen to support businesses with their compliance program. Whilst heavy penalties for non-compliance have been the focus of media headlines, the reality is that the GDPR is intended to support both individuals and businesses and protect the use of personal data.

For small and medium businesses who have a limited budget for their GDPR compliance programme, Sovy has a suite of solutions to get you on the right track. The Sovy GDPR Privacy Essentials include staff training, cookie consent managers, personal data records, template policies and more to help your business get compliant and stay compliant.