Having a comprehensive GDPR compliance checklist is more important than ever for businesses. It's the secret to ensuring your company handles user data responsibly and legally.
Still not convinced?
By July 2024, over two thousand fines totaling €4.5 billion had been imposed in the EU for GDPR violations.
Below is a specific illustration:
Fines for non-compliance with GDPR
Image via GDPR Enforcement Tracker
Mastering GDPR compliance can help you protect your company from these hefty fines and build customer trust.
We will guide you through the key steps and best practices to ensure your company is fully GDPR compliant.
What is GDPR and why is it important?
What is GDPR?
GDPR stands for General Data Protection Regulation. It is a set of rules adopted by the European Union (EU) in 2018 to protect the privacy and personal data of consumers within the EU.
It gives consumers more control over how companies collect, store and use their personal data. It also sets strict rules for organizations that collect and process consumer data.
Don't panic though. It's easy to ensure your business is GDPR compliant (and there's a well to help you in the process).
The importance of GDPR for consumers
In 2023, multiple data breaches of 8 million data records were revealed globally, as you can see in the image below.
Data breaches around the world
Image via Statista
With the increasing frequency of data breaches, identity theft, and personal data abuse, consumers are becoming more cautious about sharing sensitive personal information online.
This is exactly why GDPR mandates organizations to implement robust security measures to protect consumers from data breaches. Thanks to GDPR, consumers gain greater confidence that organizations are handling their personal data responsibly and securely.
It also gives consumers the right to know what data organizations collect, the purpose of the data collection, and how they intend to use it. GDPR thus increases transparency and builds trust between consumers and organizations.
What’s more, GDPR allows consumers to access, correct, delete, port, or withdraw consent to their overseas chinese in canada data data. It gives them greater autonomy over their personal data.
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The importance of GDPR for businesses
If GDPR exists to protect customer data, how important is it to your organization and why should you comply?
It’s important to note that 56% of consumers said they are unlikely to trust an organization that is not fully transparent about how it uses their personal information. Here’s a detailed illustration:
Customers' trust in the company is damaged
Image via Statista
Once you lose your customers’ trust, they may never do business with you again. Here’s how GDPR compliance protects your organization from these situations and more:
GDPR compliance demonstrates your commitment to privacy and data protection. It helps you build your brand reputation and increase customer retention .
It encourages the implementation of better data management practices in your organization, leading to improved data quality, accuracy, and reliability.
Prioritizing GDPR compliance can set your business apart from the competition, helping you attract privacy-conscious consumers and partners.
Failure to comply with GDPR can result in severe penalties and fines that can impact your bottom line. Compliance helps protect your organization from losses.
Who does GDPR apply to?
The GDPR applies to any organization that offers goods or services to consumers in European Union (EU) member states and European Economic Area (EEA) countries.
This also applies to companies that are not located in the EU but offer goods and services to residents of that region or process their personal data. If you have an e-commerce store in the US and sell your products to customers in France, you must comply with the GDPR.
GDPR focuses on these categories:
Data controllers : Organizations with the authority to decide how personal data will be processed.
Data Processors : Entities that process data on behalf of the data controller.
Data subjects : Consumers whose personal data is collected and processed.