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Financial Solutions
06 Dec 2017

GDPR is not just about compliance

Time to get your data assets in shape       

How did data protection become the words on everyone’s lips?

The concept must have received more attention in the past year than the whole previous decade. Frankly, before the GDPR, the issue of data protection was not given much thought at all in most businesses. So, why the change? Well, the regulation’s draconic maximum fines have surely contributed – up to 20 MEUR or 4% of last year’s global turnover. But there’s also the very real development in the market, where smart data is a key ingredient in product and service development, and not least in marketing. And then there’s the sheer volume, the exponential growth of data generation; in 2013 IBM stated that more data had been amassed in the two previous years than in the history of man. (And the numbers of 2013 are naturally dwarfed by the data generated today.)

In a nutshell, the new legislation requires us as businesses to get a personal and specific consent from the individual, and to take great care in storing and using the data, as well as making a person’s data available upon request. At heart, this is a pretty reasonable set of requirements, wouldn’t you agree? You might of course have reservations regarding the administrative burdens laid out in the legislation. But as businesses, we should treat data with respect, just as we should the customers that generate them. Not only that: getting your house in order when it comes to data protection is also an opportunity to make sure that your business is rigged to use the data in the most relevant and efficient way possible. Not only from a compliance point of view, but also from a commercial. In fact, your GRPR project can be an enabler for getting more business value out of your customer data.

Read more in our new white paper What you need to know about GDPR.

– Julia Lannerheim

Compliance Officer, Arvato Financial Solutions, B2C Finance

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