Marketing is a crucial business function which pushes business growth by enabling sale of products and services. Effective marketing strategies are the biggest determinant of business development and global recognition. The marketing industry has seen a massive boom in the recent years through digitalisation. Since digital marketing is conducted online, it targets prospective audience through online tools which collects personal data to enable the engagements.
Currently, around 110 countries in the world have enforced data privacy legislation, to regulate and control how organizations process personal data. GDPR of which is one of the most comprehensive data protection and privacy law in the EU which requires businesses to handle the processing of any personal data, in lawful manner.
Applicable to whom?
GDPR applies to organisations which processes personal data of EU citizens and does business in EU, it is regarded as golden standard for data protection regime across jurisdictions and has been instrumental in fostering a uniform data protection atmosphere and facilitating the introduction of legislations all around the world. Thus, it becomes imperative for the marketers to assess the requirements and effectively comply with GDPR.
What are the risks of non-compliance?
- Financial risk: The consequences of non-compliance under GDPR can result in a fine up to 20 million euros or 4% of the annual worldwide turnover (whichever is greater). Sanctions such as official reprimands, periodic data protection audits and liability damages may also be issued.
- Security risk: Data Breaches and non-protection of customers will highlight the unsafe measures of the company. Thus, non-compliance would lead to loss of business.
- Country risk: EU consists of 27 member countries. Thus, business in EU can be impacted by noncompliance.
- Reputation risk: Data breaches results in loss of faith in an organisation. Thus, noncompliance with GDPR can cause Reputation loss of the company.
It is important for an organisation to engage expert GDPR consulting services provider to implement GDPR privacy programs and ensure GDPR compliances.
Here, are the 8 Quick Steps for GDPR Compliance:
- Define the purpose for processing
Businesses need to establish the purposes of processing personal data that they collect. GDPR limits and allows certain purposes of processing and are thus important to be mapped.
- Practice data privacy principles
Businesses should collect only such data which they need for their purpose. Thus, the data collected should be as minimum as possible and used only for the purposes it is collected.
- Establish privacy by design
GDPR requires the organisations to implement appropriate technical safeguards prior to undertaking any processing activities. Such safeguards should be considering the state of data flows, the cost of implementation and the nature, scope, and purposes of processing as well as the risks of varying likelihood and severity for rights of natural persons posed by the processing.
- Maintain data inventories and records
Organisations are mandated to maintain the records of data processing and account for it under GDPR. The organisations should appropriately map its data processing activities as a security measure for protecting the data collected by the company.
- Define and implement privacy policies and notices
Businesses under GDPR have an obligation towards the stakeholders to make them aware of their rights and the procedures followed by the company for the protection of their personal data. The instances when the data collected, shared or transferred by the company are included in the privacy policy.
- Developing controls and procedures
GDPR mandates notification of a data breach to the supervisory authority and under specific circumstances to the data subjects. Organisations should thus have internal controls and security procedures in place to avoid or minimize damages in the event of a data breach.
- Appointment of DPO
Businesses may be required to appoint a Data Protection Officer. Such DPO, shall undertake the tasks such as inform and advise, monitor, and cooperate with authority.
- Training and sensitization
GDPR compliance is only possible with awareness and training of employees who collect, process, or store personal data. Thus, training and sensitization about data protection shall be conducted by GDPR subject matter experts.
Read more on GDPR services which include GDPR consulting services and GDPR privacy implementation programs from the experts.
Disclaimer: This blog is the copyright of Reina Consulting LLP. It is not intended to be a form of solicitation or advertising. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is viewed or that it will continue to be accurate thereafter. No person should act on such information without appropriate professional advice based on the circumstances of a particular situation. This information is not to be considered as legal advice or opinion and the firm shall not be liable for any action taken by the user, directly or indirectly, on the basis of such material.
