How Well Are We Prepared For The Implementation Of GDPR In The Market?
Sign in

How well are we prepared for the implementation of GDPR in the market?

Founder of TSD Corp

1 .What is GDPR and why is everyone talking about it?

The GDPR (General Data Protection Regulation) - designed to put control over data collection and usage back in the hands of consumers by asking the opinions of consumers directly, comes into force on 25th of May 2018. It’s the biggest change to record control in the UK.

The GDPR will ensure that – weather a company should lose data or have a security breach in this age of cyber-attack – that company can accurately know its extent and be confident that it had permission to hold that data in the first place. While the Data Protection Act came into force at the beginning of the growth of the internet since the introduction of the current Data Protection Act in 1998. , it’s now simply not far-reaching enough to handle the scope of information media that businesses now handle. In response, the GDPR moves in, to address the challenges of the digital age, where documents are held both on paper and in countless media online.

2. While the purpose of GDPR is to protect the right to privacy of European Union residents, why are other countries so worried?

GDPR has updated its privacy policy. However, before getting into the territorial scope of GDPR, what is more, important is that GDPR  is exactly what it seeks to regulate. As the name suggests, it is a data protection legislation which has rules for the processing of personal data and rules for the free movement of the personal data. It strives for the protection of the fundamental rights and freedom and especially the personal data of the people in the EU.

3. What is the impact of GDPR on Digital Advertising, marketing and Data Supported Agencies?

The impact of GDPR on digital advertising and marketing are slightly different from the rest of the activities. Most of the marketing activities today (such as email, SMS, etc.) already rely on some form of opt-in, digital marketing lives in a grey area where we all are dependent on the type of activity and processing in the marketing organization. To justify data collection and processing for data-driven advertising organizations today primarily rely on different interest, rather than consent, and to a large extent, this is likely to continue after GDPR.

4. Many publications went offline in European Union after GDPR was enforced, what is it that they were doing wrong?

The European Union General Data Protection Regulation (GDPR) came into effect, forcing companies to be more attentive to how they handle customer data with severe penalties for breaching consumers' privacy rights. In the new era privacy advocates have acclaimed the new law to be suitable for the protection of personal data. But many people have opposed it to be cost intensive. Many European readers have tried accessing various US media outlets on the internet but most of the websites displayed the message that they were unavailable in many European countries. The exact reason was not cited in the website but the redirected web page mentioned about GDPR. Thus, the EU was mostly going wrong in the inclusion of the privacy system.

5.  Many Indian publications also seemed to have been affected, how big will be the impact on Indian media houses?

The effective date of the European Union’s General Data Protection Regulation (GDPR), Reg. (EU) 2016/679, is fast approaching and will affect many organizations across the globe, even those not located in the EU. According to a research the firm Forrester, 80 percent of the firms are required to comply with the GDPR and will not meet the May 25 deadline. Also, that 80 percent, Forrester estimates that 50 percent have considered the cost and risks of non-compliance and decided it is in their best interest not to comply. The other 50 percent will attempt to comply but are not expected to succeed. As the deadline nears, firms will have questions about the GDPR and need help with compliance. This alert is intended to inform U.S. companies about the unusually broad scope of the GDPR.

6.  GDPR is expected to have a huge impact on the Indian economy. Could you please explain exactly why and how?

Under the GDPR, businesses will need to obtain consent from every consumer that they market to. This consent is needed at the point of data collection, and must also be documented and accessible enough to be reproduced as proof, if required. The GDPR will also restrict the number of use-cases that the personal data of EU citizens can be used for. It is as a much-needed, game-changing development which will set a goal for any further future international regulations relating to data privacy and protection. How good they are with the global business landscape, Indian IT companies that align themselves with the changing dynamics of personal data management through cutting-edge data analytics can ensure that they are in a stronger strategic position to drive continued growth – for them, and for the larger IT services ecosystem in India.

7. What is the way forward? Do you think other countries will also work towards similar regulations to make personal data safer?

The General Data Protection Regulation (GDPR) is a conundrum for marketers outside Europe. However, the impact of this data protection law has not remained unnoticeable across different countries. GDPR came into force on May 2018 and it has been established to protect the right of EU individuals and it will affect any member state of the EU offering goods and services. Despite the consistent protection of personal data by the GDPR, the countries outside EU are worried if it is going to affect their businesses too. The simple answer is, if any organization engages in any form of trade within the EU where they store any form of information of the EU individuals, then the organization is liable to accept the GDPR law. Also, it is recommended that countries should adopt this as they may get an advantage in securing their data

start_blog_img