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Discover personal data across multiple systems in the cloud or on-premise
Harbor cooperation between DPO, Legal Services, IT and Marketing
Turn data subjects request into an automated workflow with a clear insight into data every step of the way
Collaborate with stakeholders and manage DPIA and LIA in real-time with Assessment Automation
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Quickly respond, mitigate damage and maintain compliance
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General Data Protection Regulation

Here you can find the official content of the Regulation (EU) 2016/679 (General Data Protection Regulation) in the current version. All Articles of the GDPR are linked with suitable recitals.

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Why are companies investing in privacy and GDPR compliance?

The General Data Protection Regulation (GDPR) applies to a whole array of companies, organizations, and public institutions that process personal data irrespective of industry, size, or their revenue.

However, numerous companies lack experience with these regulations and hesitate to invest in compliance. But what about those who embrace and heavily invest in GDPR compliance?

What’s their success story?

Data-Driven Compliance

Working in a highly regulated industry can make you more accustomed to adhering to different specifications, standards, laws, or policies regulating your day-to-day operations.

However, even then, GDPR can be perceived as a financial burden with anti-competitive side effects driving companies to focus more on avoiding GDPR fines and less on compliance and related benefits.

Fortunately, we live in a data-driven world and are not forced to navigate under assumptions.

We now know that companies that invested in their privacy programs have achieved impressive privacy ROI and secured an upper hand over their competition.

Most organizations are seeing positive returns on their privacy investments, and more than 40% are seeing benefits at least twice that of their privacy spend, according to the Cisco Data Privacy Benchmark Study.

Most organizations are seeing positive returns on their privacy investments, and more than 40% are seeing benefits at least twice that of their privacy investment

Building Trust through Privacy

In general, GDPR prescribes standards, rules, and requirements that organizations should follow in their compliance journey and strives to create a framework to ensure equal rules for everyone.

However, it is not just about leveling the playing field. It is also about protecting personal data of individuals and allowing them to exercise their rights and control how their data is processed.

You will have to consider what kind of company you want to be and what values you want to support. Focusing on privacy as one of the key values can help you create trust between you and your customers.

statistic showing why privacy is important to customers

Research suggests that 65% of people have stopped purchasing from companies that did something they consider distrustful, while 73% of customers say trust in companies matters more than it did a year ago.

Reasons Companies are Investing in Privacy

Companies are investing in privacy to build trust and credibility with customers, recognizing the growing importance of data protection.

Moreover, privacy investments foster digital transformations and help organizations stay ahead of regulatory requirements, fostering a proactive and responsible approach in an evolving digital landscape.

#1 CUSTOMER EXPECTATIONS

Customers have stated loud and clear they expect transparency and trust and are willing to take their business elsewhere as a direct consequence of privacy-related matters.

Surveys indicate that 84% of respondents care about privacy, their data, and the data of other members of society, and they want more control over how their data is being used.

Of this group, 80% also said they are willing to act to protect it, and among privacy-active respondents, 48% indicated they already switched companies or providers because of their data policies or data-sharing practices.

Although it is difficult to have a clear insight into a company’s compliance status as a customer, companies can give customers additional assurance by implementing a customer-faced interface that allows them to communicate their requests and preferences.

#2 COMPETITIVE ADVANTAGE

Over the past few years, data privacy has evolved from “nice to have” to a business imperative and critical boardroom issue.

The percentage of organizations saying they receive significant business benefits from privacy has grown from 40% in 2019 to over 70% in 2020. Benefits vary from operational efficiency, agility, innovation, investor appeal, and brand value.

Surprisingly, GDPR has shown how regulation can produce positive economic results and has pushed many companies into their digital transformation, giving them a better quality of data and improved overall customer experience. Companies are also experiencing: maximized efficiency, improved customer experience and risk management, higher quality of data, better marketing and improved cybersecurity.

six benefits of being GDPR compliant company

#3 COMPANY VALUES

Company values should support your vision and culture and describe what fuels the company. They are the essence of the company’s identity – the principles, beliefs, or philosophy of values.

Right now, big technology giants are battling for your trust, Apple stated they want to be the only tech company you trust, and there is a reason why.

Supporting privacy as your company’s value means creating a brand that customers will identify with trust and transparency.

It implies you know what is important to them, so it is important to you too. Therefore, privacy can also be seen as an investment in the company’s brand identity and customer relationship.

According to Gartner’s predictions, privacy is today what “organic” or “cruelty-free” was in the past decade.

#4 FINES AND LAWSUITS

While GDPR fines shouldn’t be the sole driver of your privacy efforts, it’s undeniable that for some companies, the possibility of fines kickstarts their privacy initiatives.

GDPR recognizes two levels of fines:

LEVEL 1: The less severe violation can result in penalties up to €10 million, or 2% of the organization’s global turnover of the preceding fiscal year, whichever is higher

LEVEL 2: For especially severe violations, the fine framework can be up to 20 million euros, or up to 4 % of their total global turnover of the preceding fiscal year, whichever is higher.

Additionally, companies are also trying to avoid bad publicity that comes with GDPR fines and maintain brand value and investor appeal.

Leveraging GDPR for Digital Transformation and Enhanced Customer Relations

Accepting your responsibility to protect personal data will help you overcome the first hurdle.

However, GDPR should be seen as an opportunity to instigate your digital transformation, improve overall processes and customer relations, and improve your marketing by feeding it with relevant data.

If you are looking for a guide to creating support for your privacy program download Guide for a Successful DPO

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Let us navigate you through the Data Privacy Manager solution and showcase functionalities that will help you overcome your compliance challenges.

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