The General Data Protection Regulation (GDPR) is set to come into effect on May 25. The regulation was designed by the European Union with the sole purpose of protecting the privacy of its citizens. It will have mass broad repercussions for not just EU businesses but all those who have customers within Europe.
Every EU member is required to follow the rules dictated by the GDPR. Its impact is already being felt even before the deadline has come into effect. Larger organisations are concerned about the significant fines they may face. Online advertisers, in particular, will suffer from the new regulations which will restrict the scope of their customer tracking. However, there are two groups for whom the new rules will be beneficial. These include:
The GDPR was created to prevent consumers from having their privacy infringed. This comes in the wake of the recent Facebook scandal where it was revealed Cambridge Analytica had sold user data in order to create targeted ads. These ads were used to influence the political opinion of Facebook users. It came as distressing news to many that their data had been sold in such a way without their consent.
The new regulation will mean that consumers will receive far fewer survey requests or unsolicited advertisements. There will also be less chance of their private data being leaked or sold. They will also have more power when it comes to having incorrect information about them deleted from the internet. However, the trade-off of these benefits will be a decrease in personalised services. For many, this is a small price to pay for privacy.
This sector will be utilised by all companies who want to make sure they are following the regulations carefully. The potential fines for failing to do so are enough to make businesses turn to consultancies. With the announcement of the GDPR, there has been a rise in the number of practices who specialise in advising on how to comply with it. This trend has been seen not just in the biggest firms but also in smaller independent ones.