GDPR: to implement or not?

 

 

Today, businesses of the countries of the former USSR have a choice regarding the General Data Protection Regulation. The first is to try to work in the old way, without implementing the GDPR, until the European supervisory authorities check everyone for GDPR compliance. The second is to accept the changes in time and become successful, gaining the trust of new clients and the favor of investors.

The first strategy can be used if you want to save money here and now, hoping that the sanctions will not affect you. Yes, it will most likely be possible to dodge for a year or two, but the inspection of the supervisory authority will somehow overtake the company. Can you pay the fines? Of course! Will all the clients and partners who trusted you so stay with you?

Therefore, if viewed from a long-term perspective, the second strategy is definitely more profitable. Those who are GDPR compliant in the shortest possible time will take the lead in the market as it translates into a strong competitive advantage. And some already have it.

Also, keep in mind that competitors or dissatisfied customers who know certain aspects of your business may “prompt” the supervisory authority about your “pain points” in the processing of personal data.

In addition, as soon as more companies appear on the market that have already achieved GDPR-compliance, they will have a logical question: “Why did we invest money and time to bring business processes to the European standard, while others do not?” This may provoke them to complain to someone.

That is, after some time, those who comply with the Regulations will demand stricter norms and the introduction of restrictions on companies that do not.

Of course, the decision remains with the specific business. During the coronavirus pandemic, many companies were on the brink of survival, they do not have enough free human and financial resources, so they do not prioritize the implementation of the GDPR.

But if today business does not care about GDPR-compliance, then tomorrow there will be new tasks and problems, new markets will open. And every month the GDPR is deferred would mean a year or two in the future.

This day “today” can turn into several months in the future, and everything depends on how you see the business – whether it is going up or down. For those companies that are actively developing and growing, you always need to quickly accept the new reality. And if you haven’t accepted it yet, then it’s time.

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