In May 2016, the official regulations of the EU General Data Protection Regulations directive were published in all official EU languages. This new directive was expected to have a major impact on how companies were legally allowed to handle the data of EU citizens, sending some businesses into a panic. Many of their systems were non-compliant, and failure to follow these new regulations could result in a fine of either €20 million, or 4% of the company’s worldwide annual revenue of the prior financial year, depending on what was greater.
Before GDPR came into effect, many expected an apocalyptic end for many industries that relied on access to personal data. For example, personal data is central to the marketing industry’s goal of understanding how customers interact with their content and platforms, and GDPR looked to take marketing back to the Stone Age. But now GDPR is here — and has it brought about the end of days that many expected?
......GDPR asks how The UK’s week has been. “Horrible,” he replies. “This whole Brexit thing is ridiculously complicated”. The UK then asks how things are with GDPR. GDPR says he can’t tell him that until he’s verified he’s got adequate data protection systems.
GDPR came into effect in May 2018, and companies are still struggling to wrap their heads around its impact. While companies are taking steps, or have already taken them, to ensure that they’re GDPR compliant internally, they also need to make sure that any business partner that makes use of their data is doing the same.
GDPR, the EU’s new personal data regulations arrived in May 2018, forever changing the way businesses are allowed to handle the data of EU citizens. A report from Ernst & Young expects GDPR compliance to cost the top 500 companies around the world a total of $7.8 billion dollars, but that number could be even higher.
Just like the people of Westeros thought dragons were dead, it turns out many of the expectations around GDPR were off the mark. GDPR has not ushered in a marketing apocalypse; rather, it has more clearly defined how marketers can operate.