The EU’s new data protection regulation, the GDPR, presents new opportunities for brands operating in the data economy. Most of the news surrrounding the GDPR, focuses on the risks. This is unsurprising because the risk of non-compliance is a fine amounting to 4% of annual turnover or €20 billion, whichever is highest.
There is a 2 year period, so until April 2018, in which businesses can adapt. I was a panel member at a well attended discussion at The Drum in London. We discussed the implications on the GDPR and it was refreshing to hear a lot of questions about how brands could gain an early advantage rather than just mitigate the risks. The summary of my key points are in the video below:
The bottom line is, the GDPR will empower digital citizens with their data. This is a good thing for everyone. For the first time we as consumers will be able to use our data to help us buy. This raises a load of really interesting questions. For example, can individuals have their own personalisation tools rather than relying on the ones provided by service providers?
When the individual is in control of their data many new possibilities arise. And what becomes clear is that better user experiences and better outcomes are achievable when citizens are the centre of gravity for their data.
For further reading on the opportunities surrounding the GDPR, have a look at this article I wrote on the citizenme blog
Image: Rita Morais