Happy GDPR Eve: Putting Data Back in Your Hands
We’re known for a lot of things at 11:FS. We give talks across conferences, we have 11:FS Pulse, the best end-to-end user experience platform there is, and we have a phenomenal series of podcasts. We also have a lot of secret projects, but more on that another time.
Now we’re adding something new to our content. Tomorrow sees the launch of our new Fintech Insider podcast format. It’s just in time for the deadline on GDPR. Something that many businesses are having difficulty adapting to.
GDPR is about data control. It lays out some of the most resilient online privacy rules in the world. For customers, it means having greater control over their personal data but for businesses it’s a different story. Penalties for failing to comply include fines of up to €20 million or 4% of global turnover and compensation claims for damage suffered. With such a brutal stick, it’s easy to see why there’s so much concern.
"When we do need to apply a sanction, fines will not always be the most appropriate or effective choice," - Elizabeth Denham.However, even though so many businesses are not ready for tomorrow's deadline, there’s no need to panic just yet. Information Commissioner, Elizabeth Denham has been clear that the ICO will help. Assurances have been made to aid any organisation that encounters GDPR issues after the deadline.
Where’s the Payoff?
So, where’s the carrot? The truth is there isn’t one. All the benefits of adhering to GDPR, such as: having more accurate data, better security, and an improved reputation, aren’t going to count for much when every company is doing the same. But getting every company GDPR compliant might take more time than expected. Every single survey conducted has had bleak results for GDPR-preparedness. Some initially registering less than 2% of companies as compliant. That has since grown as the deadline looms but there’s nothing to suggest GDPR compliance will be standard shortly after the deadline. Data misuse and loss is hitting the news more and more often. From Sony’s security to Cambridge Analytica’s catastrophe, and many more. GDPR is one measure to tackle that but it’s unlikely to have much of a visible impact for end-users. Hopefully, that means there’ll be fewer data loss stories in the news. The adage for technology today is “If you aren’t paying for anything, then you’re the product.” That may still hold true post-GDPR. But it means personal information is firmly in control of the user. Customers are no longer able to be locked-in to one service. Users must be able to download their data and transfer it as they see fit. For truly stellar insight into: what this all means for companies, how data is being handled, and how it’s used by companies to create digital profiles for individuals that feel just a little too creepy join us tomorrow on Fintech Insider.