Data is rapidly becoming the lifeblood of the global economy. In the world of Big Data and artificial intelligence, data represents a new type of economic asset that can offer companies a decisive competitive advantage, as well as damage the reputation and bottom-line of those that remain unsuccessful at ensuring the security and confidentiality of critical corporate and customer data.
Despite the severe repercussions of compromised data security, until recently, the fines for breach of data protection regulations were limited and enforcement actions infrequent. However, the introduction of a potentially revolutionary European General Data Protection Regulation (GDPR) is likely to transform the way data-driven companies handle customer data by exposing them to the risk of hefty fines and severe penalties in the event of incompliance and data breach.
In this article, I have tried to summarise the implications of GDPR implementation for data-driven companies, as well as the measures businesses can take to ensure the security and privacy of client’s data and avoid the penalties associated with non-compliance.
How Does GDPR Impact Data-Driven Organisations?
The General Data Protection Regulation (GDPR) stands out from all existing regulations because of its breadth of client data protection. From conditions on cross-border data transfer to the need to implement, …