Information Commissioner Elizabeth Denham has called on UK businesses to ensure that they are well-prepared for the General Data Protection Regulation (GDPR) so that they can reap the benefits. There is just one year remaining before the new law comes into force.
GDPR compliance benefits
Denham said that businesses should act right away in order to benefit from the data protection that they put into place. If organisations do not have good data protection, they risk legal action, which could damage their reputation and also result in a large penalty.
Deputy Commissioner Rob Luke pointed out that the biggest benefit of complying with the GDPR would be to increase the trust of consumers, and this would give organisations a competitive edge.
Luke acknowledged that while the GDPR offers opportunities, there were also a few challenges. However, the regulation aims to ensure that the rights and interests of consumers are protected in a world where a vast amount of data is being stored by organisations. He said that the GDPR is going to be an important part of the global data protection landscape in the coming years.
Protecting the data of individuals is a priority
Data is the cornerstone of the digital economy. However, with increased risks, organisations need to ensure that the rights of consumers are protected. IT security is just one part of the GDPR. Organisations also need to inform consumers about how their data will be used, let relevant authorities know if breaches occur, and erase an individual’s data when it is no longer required.
Luke said that the GDPR will allow businesses to grow and innovate while protecting the rights of consumers and ensuring that they are not discriminated against.
The GDPR will cover all organisations that store and access consumer data to boost their profitability.