Understanding GDPR and Why It Matters
In simple terms, the GDPR is meant to simplify data protection laws across the EU and prioritize a citizen’s control concerning how their personal information is used. Henceforth, iBoost will continue to sensitize subscribers about the General Data Protection Regulation (GDPR) which is the latest privacy and data protection legislation developed by the European Union (EU) specifically designed to harmonize data privacy laws across Europe with a view to maintain and reshape the way organization across the international business community approach data privacy as well as data protection for all citizens.
An official enforcement was May 25th, 2018 at which it will become mandatory for business organizations irrespective of sizes to comply with the regulations or face hefty penalties and fines. Those that stand to be impacted by the GDPR include the companies utilizing digital communications and e-commerce procedures and those who elicit customers personal information for transaction or marketing purposes whether or not by automated means. At iBoost, we believe that building trust comes with transparency and we are ready to answer all your enquiries about GDPR
Why Does GDPR Matter
There are many reasons why GDPR matters, especially now that we live in a digital world. Therefore transaction with data must adapt to the tenants of GDPR for safety and stability of consumers information as this matters to help reshape the way wealth management businesses see, treat and promote confidence from their customers and of course protect their reputation at all times. Meanwhile, it is pertinent to state that the GDPR has a broad scope which is one of the reasons why it has received the much attention it deserved and we at iBoost has summarized it as follows:
- GDPR helps provide both formal and informal infrastructure requirement that is necessary to address data breaches as well as network security among another related effect on customers and partners trust.
- GDPR help standardize the use of customers and partners data to bring organization up-to-date concerning how they treat sensitive data and make it more transparent
- The GDPR advocates and improve two-way communication between wealth management organization and their date driven system and help enhance the relationship between organization and their clients and partners.
Penalties on Failure to adapt to GDPR tenant
One of the major reasons why the GDPR is taken seriously is the considerable amount of administrative fines on non-compliance with the regulation that companies could be subjected to. Failure to adapt to some provisions in the regulation could attract fine as high as 10 million Euro or 2% of the global annual turnover of the preceding financial year, whichever is found to be higher. More so, if there be some form of breach of the law, the penalty becomes stiffer as this could rise to 20 million Euro or 4% of the global annual turnover for the preceding year.
Safeguard Reputation and Encourage Good Business Practice
The GDPR compliance gives a safer notion that allows Non-Profit Organisation managing data, as well as Universities, take proper care of their clients and students respectively. For instance, if an organization demonstrates that they are well aware and responsible on how their client’s information is being used and prioritize the privacy of their information it is only likely that relationship between the organization and the client will grow stronger and of course continue and may even lead to more recommendation of such organization. On the other hand, for an organization who takes less consideration of the client's data privacy, they are more likely to lose customers and partners and may even be detrimental to their reputation. The truth is effective GDPR compliance free up business to do what they know how to do best.
However, if you’re not clarified, kindly contact iBoost and get the solution and right approach to implementing the GDPR.
