GDPR is embedded in Corporate Social Responsibility.

If your business sells products or services in Europe, you are most likely acquainted with the General Data Protection Regulation (GDPR) that entered into application in May 2018.

According to the European Commission, the GDPR represents the most important change in data privacy regulation in the last 20 years, reshaping “the way data is handled across every sector, from healthcare to banking and beyond.”

What is GDPR?

GDPR is a common set of rules on data protection for all businesses operating in the EU – therefore harmonizing data privacy laws across Europe. The law aims to protect and empower citizens’ data privacy and reformulate companies’ approach to data protection. For more information on rules for business and organizations, click here.

What are the implications for your business?

TGS Global interviewed Florian Barraud, a specialist on GDPR from TGS France to get a better sense of what GDPR means for European companies, in particular, SMEs.

GDPR implicates a reconfiguration of the way firms collect and secure data, therefore imposing obligations of transparency and commitment to all stakeholders.

Mr Barraud highlighted the heavy financial consequences companies face when in breach of this law, with fines reaching up to 4% of company turnover.

The same issues arise when analyzing the impacts at an international level. These implications are not to be neglected, notably as an active member of an international network.

Are there any benefits of adopting GDPR?

Mr Barraud highly emphasized the upside of this new regulation. To summarize, companies do benefit. Conforming with GDPR:

– Improves company image, by showing awareness and placing customers’ interests at heart;

– Enhances employer brand, by reassuring acquired and potential talent pools of company data protection policies;

– Refines marketing strategies and advertising campaigns, by ensuring effective management of customer databases, and better targeting customers.

Potential benefits also include cleaner data, higher engagement from stakeholders and valuable relationships for long-term strategies.

What TGS advises companies to do?

It is crucial to be involved. GDPR is now embedded in corporate strategy and is increasingly linked to corporate social responsibility. There are opportunities to be seized and adopting better data management can guarantee competitive advantages on international markets.

Our values shared throughout the network adopt accountability and transparency as a focal point. With our customers at heart and data protection as a focus, we position ourselves as socially responsible.