GDPR: One Year On
It’s hard to believe that it has been an entire year since the General Data Protection Regulation (GDPR), was introduced by the European Parliament. Prior to the legislation coming into play, businesses across the UK were collectively experiencing moral panic in regard to what this could mean for their operations and more importantly, how they handle any data that they collect from their customers.
What is GDPR?
Although many of us would like to push GDPR to the back of our minds, it’s important that we persist as it is something that requires continued attention. Essentially, the law allows EU citizens to have more control over their own data which is held by companies. As well as this, if companies do misuse any data, they can now be fined €20 million or 4% of their annual global turnover.
From a marketing standpoint, data is being collected like never before and users are aware of this. With a surge in technological advancements and innovations, we’re all creating a digital footprint which is becoming extremely valuable. The Economist even stated that it is the “the world’s most valuable resource” ahead of oil — a startling statement.
Whether it’s by tracking cookies, taking information from newsletter sign ups or analysing survey responses, the Chartered Institute of Marketing states 57% of consumers don’t trust brands to use their data responsibly. This means that businesses have a greater responsibility to be transparent with their customer base and invest heavily in areas that support them around data use. However, with this in mind, the State of European Privacy Report found that 90% of businesses believe it’s too difficult to delete customer data and 60% don’t have the systems in place to do so.
Have businesses improved security around data?
We’d like to think so. Personal data is extremely important for businesses to offer users the best experience with their brand and by putting that trust at risk with your customers could cost your business a lot of money — this is considering both fines and brand boycotting.
However, some big players are still breaking the rules though. TechCrunch broke a story today which revealed that a database containing contact information of millions of Instagram influencers, celebrities and brand accounts has been leaked online. The data which was hosted by Amazon Web Services did not have a password, which meant that it could be accessed by anyone.
Just because GDPR may seem complex doesn’t mean you should neglect your marketing activities that involve using data. We can help you do this too. Make Mediaworks your digital partner today and learn more about how we use data and insights to create stand-out campaigns that will keep you a favourite with consumers but also ahead of your competitors.