The European General Data Protection Regulations (GDPR) will come into force on May 25, 2018. These regulations will have a significant impact on existing data collection and analysis methods.
Many businesses have become reliant on customer data collection for marketing and product designing. These businesses would need to formulate a new strategy on how to keep their business operations going while dealing with the EU regulations.
The GDPR Regulations
The main objective of GDPR is to ensure that organizations implement strict privacy rules and stronger data security when it comes to protecting personal data. The regulations will make it mandatory to obtain consent from users before acquiring or using their personal data.
Organizations will also be required to inform their customers and users about the personal data that they are collecting and using. Data subjects will have the complete right to withdraw their consent at any time, and organizations will be required to delete the record where consent has been withdrawn.
Noncompliance with the regulations will result in hefty penalties. A company can be fined up to €20 million or 4% of its annual global turnover in extreme cases.
The Complexity of Acquired Data
Data acquired by businesses through the normal channels is usually in a complex …