Why US Firms Should Pay Attention to GDPR
In the rapidly changing landscape of digital technology, secure video conferencing has become a fundamental element in safeguarding sensitive information and establishing trust with clients and stakeholders. A striking 97% of IT experts express reservations about the security of privacy and video conferencing data. Furthermore, the financial repercussions of data breaches are on the rise, with the average cost hitting US$4.35 million in 2022, as reported by IBM and the Ponemon Institute. Although the General Data Protection Regulation (GDPR) originates in Europe, its significance is far-reaching and provides valuable insights for American businesses. Let's explore why the GDPR serves as a crucial narrative for the United States. Financial Consequences The implementation of the GDPR has led to a series of notable fines against major technology companies, highlighting the financial perils of failing to comply. The case of Meta, which faced fines close to €1 billion from the Irish Data Protection Commission, serves as a vivid example of the stringent application of GDPR and its related legislation, the ePrivacy Directive. In 2022 alone, there were 40 ongoing investigations into leading tech firms, suggesting a continued trend of rigorous oversight and enforcement. Global Adherence So why should this matter to American enterprises? The scope of GDPR extends to any organisation that processes the data of EU citizens, irrespective of where it is based. Therefore, an American business with EU clients or users within the EU is obliged to comply with GDPR regulations. The consequences for failing to comply can be severe, with fines potentially reaching up to 4% of the company's global annual turnover— a potentially eye-watering sum for any business. Influence on Global Privacy Standards Furthermore, GDPR is establishing an international standard for data protection and security, shaping laws beyond the European context. The California Consumer Privacy Act (CCPA) serves as evidence of this impact. By aligning with GDPR standards, companies not only meet legal requirements but also gain a competitive edge in a worldwide environment that is progressively putting a premium on data privacy. Reasons for Compliance Global Relevance: GDPR has established a global standard for data privacy. Conforming to these guidelines demonstrates a company's dedication to strong data protection, regardless of location. Financial Prudence: Avoiding substantial fines that can result from non-compliance is crucial for a company's financial well-being. Customer Trust: Compliance enhances trust among both EU-based clients and worldwide customers who prioritise data privacy. Competitive Advantage: Early alignment with GDPR can afford a competitive advantage in markets where data protection is a key concern. Operational Consistency: Adopting a consistent data protection standard across diverse geographical operations simplifies internal governance and procedures. Preparedness for Future Legislation: As similar data protection laws gain traction globally, compliance with GDPR equips companies with adherence to future regional data privacy legislation. The Road Ahead As the worldwide discourse on data privacy matures, with over 100 countries now possessing privacy or data protection laws, it is wise for American businesses to observe and align with GDPR norms carefully. By 2024, it is projected that privacy regulations will cover the personal information of 75% of the global populace. It is reasonable to expect either an expansion of GDPR's scope or the introduction of analogous US legislation in the near future. Embracing GDPR goes beyond mere legal obligation; it's about navigating towards a future where data privacy forms the bedrock of digital engagement. The foresighted adoption of GDPR standards by US businesses represents a prudent move toward enhanced data privacy and a more secure digital landscape. Read the article: https://www.digitalsamba.com/blog/why-gdpr-matters-for-us-digital-enterprises
This is actually the main thing I work on. GDPR and CPRA as well. It is only a matter of time before a federal law is passed that encompasses all 50 states and our company is even honoring people’s requests who are not in a state that has passed the laws. It’s all boring as hell and I hate it. 😭 Good opportunity to learn some automation I guess. My main goal before I jump ship here is to learn enough Python to automate all this shit so instead of working 5 hours a week it can be closer to 1 hour a week. tc 62k
and make it harder and more expensive to create software... This is all political theater none of your data is secure.
It’s not really about security. It’s about people having transparency into what data of theirs is being kept and there being a process for them to access it or request for it to be deleted. Security doesn’t come into it at all really. Sad part too is that if there is a business case for the data being kept, we don’t have to delete it. So for example my company people buy cars from the Big 3 like Ford, GM etc. they have warranties with us and if we deleted their data the warranty would be gone, so we have not honored a single deletion request ever sent to us.
If you don’t consent to your data being tracked so companies can make money with targeted ads, then prepare to pay a monthly subscription for access or GTFO. EU has gone too far. Free, non-tracking FB will not exist in the EU much longer. Either consent to tracking, or consent to paying a monthly subscription, or we will drop you as a customer.
You will quickly learn that either you'll keep your shitty services free, or it's the customers the ones who will drop you.
EU citizens are better off without Facebook anyway.
GDPR is working in EU and for EU citizens. This was cheaper to support it instead of ban EU. But new laws in Europe makes some risk of closing an access to some products in Europe Generally, GDPR doesn’t protect anyone from anything. There is easy to make “anonymization” with keeping all needed features