How Can GDPR Compliance Software Help Businesses?

 

A look into some of the 'other' benefits of the GDPR compliance software


Since its introduction in May 2018, the European Union's (EU) General Data Protection Regulation (GDPR) has been making headlines. This is more so due to the absurdly hefty fines corporations face for violating this legislation. Even vendors and suppliers of GDPR compliance software are focusing on this issue to market their products to businesses. This is because not all organizations can pay fines of up to €20 million, or 4% of their previous fiscal year's global annual revenue. However, if you look closely, the GDPR is designed to help businesses handle personal data more effectively, limit the risk of data breaches, and establish stronger customer relationships.


Hence, here are some benefits that your GDPR compliance software may provide in addition to compliance while lowering the risk of being fined.


Improve Data Management

Yes, GDPR assists you in improving your data management game. As per the GDPR compliance requirements, you must identify and delete redundant, obsolete, and trivial (ROT) files that your firm maintains. Even if many firms are unaware that they have such data, having it poses significant dangers, with or without GDPR. On the other hand, by deleting ROT files, your organization will save money on storing and processing this data, and it will almost certainly erase sensitive ROT data, such as former customers' personal information.


Furthermore, it will be easier to deal with subjects' requests to remove data if they exercise their right to be forgotten because of this. That's because you now know what data you have, how much of it, and where. It also encourages you to reorganize your storage places so that your staff may be more productive and successful while working with accurate, searchable, and accessible data.


Mitigate Data Breach Risks

According to an IBM report, the global average cost of a data breach is $3.86 million, with a $150 cost per lost or stolen record. As a result, it is evident that no corporation in any field wants a cyberattack and will do everything possible to prevent one. Be it the installation of spam filters and anti-malware software, the deployment of Next-Generation Firewalls (NGFW), or the placement of endpoint detection and response (EDR). And that is precisely what GDPR expects businesses to do.


People do not want their personal information to be exploited. And by having comprehensive data privacy compliance rules and a system in place to protect against malware assaults and data loss, businesses are only limiting data breach risks while adhering to the GDPR compliance requirements.


Build Better Relationships

As understood, GDPR's truth is that people do not want their personal data to be misused. It could be by cyberattacks or businesses using their data unethically. Therefore, it is also understood that if a company is GDPR compliant, consumers would regard it as trustworthy and are more inclined to do business with it.


To put this in context, according to a McKinsey report, 87% of individuals indicated "they would not do business with a company if they had concerns about its security practices." And, because the number of data-privacy-conscious customers is increasing, so will the percentage. As a result, if your organization complies with GDPR, you are more likely to attract data privacy-sensitive customers.


To sum it up, a GDPR compliance software brings more than just GDPR compliance to your company. But it is up to you to pick the right GDPR compliance solution and build and practice the best policies and systems to ensure it does.

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