While there is common awareness that the General Data Protection Regulation (GDPR) enacted by the European Union will come into effect in May 2018, and that it will impact any entity globally that engages with the Personally Identifiable Information (PII) of an EU citizen, its challenges and benefits are not necessarily fully understood. The regulation has implications both in information management and security in terms of how organizations are managing, using and sharing customer data.
There has already been much discussion about the financial ramifications of GDPR non-compliance (e.g., fines up to the higher of 20 million Euros or 4 percent of the previous year’s worldwide turnover for a corporate group), but there has been little focus on the potential opportunities for organizations that get ahead of compliance. These benefits can include greater credibility with customers, increased operational efficiency, accelerated product development and protected brand reputation.
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