Unless you’ve been burying your head in the sand (or snow, as the case may be) in recent years, you’ll have heard about the upcoming General Data Protection Regulation (GDPR) and how it will turn everything we know about marketing data collection on its head.
In short, GDPR marks a dramatic change in the way data can be used by businesses looking to remain competitive in the EU and UK. Let’s take a brief look at some of the most significant implications of the new GDPR regulations.
Firstoff: The UK may have exited the EU, but it’s still bound by GDPR law
Even though GDPR was written into EU and not UK law, the regulation has been in process since 1995 — long, long before Brexit was even a twinkle in Nigel Farage’s eyes. Consequently, the ruling will still apply to British business even after the UK formally withdraws from the Union. Moreover, GDPR applies to EU citizens, meaning any company collecting data from these individuals will be required to abide by it regardless of where that company is based.
GDPR bureaucrats will be on the hunt for any business contravening the regulation
As one of the most significant changes to data law in the past two decades, the GDPR watchdogs will be out in full force. And the penalties for neglecting to abide by GDPR law will be as severe as they are sudden. As such, failing to stick to GDPR will not only severely hinder your ability to implement successful marketing campaigns and generate leads, it could put the future of your business in jeopardy. The maximum fine for failing to comply with GDPR has been raised to 4% of annual turnover or £20 million — whichever is greatest. These penalties apply both to data controllers (your business) and data processors (cloud servers, for example).
Navigating data laws and remaining compliant under GDPR will pose a challenge to businesses around the world, particularly those with large customer bases in the EU. To find out what you can do to ensure your business stays on the right side of the law with GDPR and marketing data, download our free guide:
