Ultimately GDPR standards can make your business more competitive. We see this regulation as a harbinger of things to come in the modern personal data economy, where privacy is not dead and good data stewardship is a revenue-generating differentiator for digital businesses. The principles GDPR sets forth lay a solid foundation for digital identity creation and use across industries,” the guide said.

According to OWI, multinationals are already shifting their strategies to get in line with the regulation’s principles, and planning how best to navigate the international legal grounds for enforcement, but the guide notes that “some organisations are even cutting off EU-based customers entirely to avoid stepping afoul of GDPR – a choice we believe to be unsustainable and costly in the long run”.

The new principles and data subject rights established under GDPR are wide-ranging, but the guide warns that their true scope will not be clear until the first rounds of sanctions for non-compliance are levied after the compliance deadline of 25 May 2018.

Sourced through Scoop.it from: www.computerweekly.com