GDPR: Consider it as a wake up call to reorganize your business and be future-ready

The General Data Protection Regulation (GDPR) has been a wake-up call for many businesses around the world, as it made them sit up and take a serious look at the data that they have been amassing. The new rules make it mandatory for the businesses to ensure that personal data gets collected legally and gets protected from any possible misuse later on. Otherwise, harsh penalties will await them. Even companies based outside the EU need to comply if they are doing business in the EU.

Now, this is a very challenging time for the tech companies, as they have already come under the scanner for allegedly collecting and using personal data without any express consent. For instance, On the very first day of GDPR enforcement, Facebook and Google have been hit with billion-dollar lawsuits allegedly for forcing users to consent to targeted advertising to use the services. And this is just the beginning.

But, many industry watchers actually saw a silver lining in the dark GDPR cloud. Here's what they feel:

Willem de Paepe, Global GDPR leader, Capgemini:

Executives now have a great chance to use GDPR to create a customer-first privacy strategy. That business opportunity is significant. Beyond gaining consumer confidence and increased spending, knowing exactly what data is held allows firms to use analytics more effectively and improve operations. Firms will also know which files they must delete, freeing up valuable storage space and reducing some of the $3.3 trillion it will cost to manage data globally by 2020.

Chester Wisniewski, Principal Research Scientist, Sophos

Certainly businesses can take a few lessons from GDPR. GDPR is teaching us to collect less information from our customers, unless we really need it. Even if you don't need to comply with GDPR, this is simply a good practice. Your business saves money by having less data to protect and your customers gain the privacy that many desire in the process. 

Srinivas Rao, Co-Founder & CEO, Aujas:

As the world is getting more and more digital with proliferation of mobile phones and usage of the internet, it is very important for governing bodies to ensure that their people’s data and privacy are safeguarded. Digital economy can only flourish when you connect people, process, data and things in an ethical, meaningful and secure way. We feel that GDPR is a step towards that.  

Rana Gupta, VP-APAC Sales, Identity and Data Protection, Gemalto:

Companies need to realize a breach is inevitable and key stakeholders, their customers expect them to take reasonable measures to prevent breaches in the first place, and when that fails, to respond quickly and appropriately. 

George Chang, VP-APAC, Forcepoint:

While many may be worried about the implications of a new regulatory era, in reality it will create trust and provide good practices that will benefit both the individuals and the business. These laws collectively present a positive business opportunity, when approached in the right way. Compliance can drive operational efficiencies, cost-savings and even fuel innovation. With strong data protection strategies in place, customers will place greater confidence in businesses, and businesses will minimize the all too common reputational and financial fall-out of a breach. 

Erik Anderson, practice leader-Cyber Security services, F-Secure:

Instead of searching for quick fixes to comply with GDPR, companies should focus upon long term sustainable improvements. Markets must work closely with the legal and IT departments over handling the personal data of customers they need for their strategic business objectives.

Rajesh Maurya, Regional VP-India & SAARC, Fortinet:

At the end of the day, complying with GDPR may well turn out to be the right thing to do to protect the privacy and interests of all stakeholder communities linked to an organization. As onerous as GDPR might seem, it could mark a big step towards restoring public confidence in the ability of businesses to deliver social benefits while simultaneously curbing social risks.

Supratim Chakraborty, Associate Partner, Khaitan & Co:

The principles of GDPR are beneficial and could be adopted by all business houses whether there is an EU interface or not. Also, this may be helpful because our domestic law on this subject, which is in the making, may largely adopt the principles of GDPR. Therefore, organizations which are equipped with the principles of GDPR would be future-ready for the new Indian legislation.