Moving the GDPR goal posts
GDPR has been a big wake up call to many businesses. The non-negotiable and permanent nature of the EU regulation means that businesses have been compelled to put far better data management in place to avoid prosecution and fines of up to 4% of annual revenue. So it’s no surprise that European organizations have been working hard to meet the May 2018 deadline to ensure privacy of personal data they store or process.
However, there is another side to GDPR. The need for organizations to put their houses in order in terms of data auditing and privacy in line with GDPR may well bring business advantages beyond basic compliance and avoiding fines.
GDPR has given organizations the opportunity to use tools such as data analytics to create better trading and business operations, particularly for change management programs such as digital transformation or managing customer identities in the enterprise. At the same time, as GDPR compliance is ongoing, businesses may look to new solutions and services to automate compliance and risk management in the years ahead.
At CXP we are constantly looking at how compliance and GDPR, in particular, is affecting investment plans in security and data technologies. We believe that compliance is a driver not just to remain on the right side of the law, but also to enable organisations to become more efficient and take advantage of data powered digital technologies. We are happy to discuss with vendors and suppliers the possibilities and opportunities of partnering CXP in this research.