GDPR enforcement has resulted in changes in customer data collection
As regulations catch up, Data Privacy has fast evolved to become a matter of survival for companies. According to Rana Gupta, Vice President – APAC Sales, Identity and Data Protection, Gemalto, companies (Boards) that continue to ignore this risk will become non-existent almost overnight in the wake of any data breaches. “The fast-approaching GDPR enforcement date has already resulted in the undertaking of massive changes to consumer data collection and processing practices, especially in consumer-led markets. As a result, we will continue to see tightening of the regulatory environment with respect to data privacy and enforcement of penalties on firms as well as fiduciary officers in the wake of data breaches resulting out of inadequately protection measures.”
The proactive approach for data privacy and cyber security can result in new business opportunities, along with the trust of a company’s stakeholders. Instead of searching for quick fixes to comply with GDPR, companies should focus upon long term sustainable improvements.
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