{"id":71659,"date":"2023-05-04T12:57:50","date_gmt":"2023-05-04T07:27:50","guid":{"rendered":"https:\/\/www.oracleglobe.com\/?p=71659"},"modified":"2023-05-04T12:57:50","modified_gmt":"2023-05-04T07:27:50","slug":"does-being-gdpr-compliant-have-a-positive-impact-on-business","status":"publish","type":"post","link":"https:\/\/www.oracleglobe.com\/does-being-gdpr-compliant-have-a-positive-impact-on-business\/","title":{"rendered":"Does Being GDPR Compliant Have a Positive Impact on Business?"},"content":{"rendered":"
Europe has consolidated its position as the global leader in protecting consumer privacy. Its digital strategy offers opportunities and challenges, yet regulations must continue evolving, and organisations must remain aligned with the regulatory process. Countries worldwide struggle to update their data legislation to align with the <\/span>General Data Protection Regulation<\/span><\/a> (GDPR), the most uncompromising data privacy and security law. Speaking of which, any business that sells or targets European consumers must comply with the legislation regardless of where it\u2019s based.\u00a0<\/span><\/p>\n The GDPR was implemented in May 2018 to replace the 1995 Data Protection Directive. As the Internet is now commonplace, it\u2019s only normal to have benchmarks adapted to a more connected world where information acts as a form of capital. Several years into the GDPR\u2019s implementation, the landscape has changed significantly. Data privacy at big tech companies is still a mystery; smaller companies must change their behaviours and improve their data handling. Even now, consumers still fear their online data isn\u2019t secure, believing organisations aren\u2019t honest about how they use their data and don\u2019t care if they\u2019re in breach of GDPR laws.\u00a0<\/span><\/p>\n <\/p>\n Businesses in all member states must comply with the GDPR, which can be a burdensome requirement due to the complexity of the information that is provided. Let\u2019s not forget that the EU law is 100 pages long and contains legal jargon. This isn\u2019t an issue for companies with dedicated legal teams, as it\u2019s easy to digest, but it\u2019s a completely different story for small to medium-sized companies without in-house legal counsel. The GDPR is a blessing, not a burden, because it streamlines and enhances core business activities. Check out the key benefits of being GDPR-compliant.\u00a0<\/span><\/p>\n The GDPR covers fundamental principles like truthfulness, data minimisation, integrity, confidentiality, and accountability, to name but a few. If you prove you follow the aforementioned precepts in determining adequate levels of data protection, you can gain trust and credibility from your customers. In other words, you can enjoy an advantage over your non-compliant competitors. Look at GDPR as an opportunity to boost consumer confidence, increase trust, and develop a better relationship with the public. Addressing people\u2019s major concerns will make them less likely to be pushed below the confidence boundary by one negative experience.\u00a0<\/span><\/p>\nThe Benefits of GDPR Compliance Are Numerous, As Follows\u00a0<\/span><\/h2>\n
Competitive Advantage\u00a0<\/span><\/h3>\n
Risk Reduction<\/span><\/h3>\n