The internet has been undoubtedly a blessing. The internet allows us to connect, communicate, voice our opinions, and do many other things. There is also a dark side to the coin. Recent years have seen an increase in cybercrimes such as data breaches, spyware, and other forms of cybercrime.
The EU has enacted the General Data Protection Regulation (GDPR) to help citizens protect their data online.
This legislation will most likely affect you if you are a citizen or business in the EU. Continue reading to learn more.
Why (GDPR) Is Important for Offshore Software Development Company in India?
The EU established the General Data Protection Regulation (GDPR) to hold companies responsible for customer data storage/usage.
The GDPR was created to protect the personal data of EU citizens and to give users control of the data rather than companies.
The General Data Protection Regulation, which the European Parliament adopted in April 2016, has been in force since May 25, 2018. The GDPR replaces the Data Protection Directive, and companies must comply with its new requirements and rules.
Let's first look at some basic but essential definitions of GDPR before we get into the details of GDPR. (For a complete list of reports, see Article4 of this regulation.
Is GDPR right for you?
The EU's GDPR will affect almost all individuals and offshore software development company in India.
Every business that works in the EU or serves EU citizens from anywhere globally is required to adhere to the GDPR law.
While GDPR offers many benefits for customers and businesses, it can also have severe consequences for those who do not follow the rules.
The European Union states that if a company fails to comply with GDPR or attempts to use customer data for its purposes, it could be subject to a fine exceeding EUR20 million. If the company is found guilty of data breaching, the penalty could be extended to 4% of annual revenue.
Let's look at some of the incredible business benefits that GDPR can bring to your company!
Five Business Benefits to Making Your Website & Application App GDPR-Compliant
1. Increase Your Cybersecurity
Data breaches can cause severe damage to a company's reputation and increase cybersecurity concerns. They can also lead to financial loss. It is, therefore, necessary to improve the company's cybersecurity efforts.
GDPR requires that your business adopts effective security strategies and flawless administrative and technical strategies to protect citizens' data.
These actions will allow your company to decrease the risk of data theft, properly account for customers' data, and keep hackers and spyware away.
2. Scale Audience Loyalty
Customers are becoming more concerned about their data due to cybercrime. It increases customers' trust in your company if you ask permission to gather data from users.
It's how GDPR compliance can help you win the trust of your customers by making your business transparent and more accountable.
3. Manage data effectively
Auditing the data, you have is the first step to complying with GDPR. Auditing will enable you to identify the customer data, organize it better, delete unnecessary data, and make them globally searchable and indexable.
By removing unneeded data from your system, you can save money on data storage and processing.
In the end, GDPR compliance will allow you to take control of customer data and ensure that it is managed efficiently to avoid any future problems.
4. Marketing Return on Investment: Increase Your Chances of Success
Your business must comply with GDPR. You collect data from your users by their consent. Then, you manage that data efficiently by removing excess data, organizing it, and storing it in easily accessible formats.
You will have a concise and clear database of leads interested in your business if you follow the steps above. You can now tailor your marketing strategy to fit your niche and target your audience. This marketing strategy will increase your CTR and social shares and eventually get high-quality leads.
5. Build Credibility
Your business will gain credibility by implementing GDPR. Perhaps you have heard of businesses making efforts to create eco-friendly and animal-friendly environments. Why not take steps to protect your customers' privacy?
You can create a culture within your company to respect and protect the privacy of your customers with GDPR. It'll allow you to build trust with your customers and keep you ahead of your competition.