Every wise business person should know that gdpr is actually great for business. You should get ready for this before you even open your venture. It takes a considerable investment to get the system in place because you will have to hire data protection officers but it is a lifetime investment and you will be set for a long time. When you are serving your clients, collecting information about them is crucial in order to know how to serve them better and if there is a data breach the hackers can make this records public and this will not give you a good reputation with the community because it will be clear that they cannot trust you to keep their information private. Investors and clients will feel more confident coming to you when you are certified as gdpr compliant because they know the information they will give you will not get out.
Loyalty is crucial when doing business and you need your clients to be loyal to you in order to expand the client base and gdpr is going to make it easy for you. According to research studies, clients are more likely to take their business somewhere else if they realize you are negligent in the way you handle data. Cybersecurity is a serious threat in this internet era especially not almost everybody has access to the internet and if your boardroom is seen to be taking this seriously, clients will not start leaving. Personal information provided by clients might get on the wrong hands where it is used in crimes and this will see you being slammed with legal suits. Do not wait until this happens to get a wake-up call because it will be too late.
GDPR also makes sure the data you have in your systems is accurate and clients will not just be checking their personal data but also have a chance to validate or inspect it. You will have data controllers the clients can get in touch with if there are errors which have to rectified. The information you have will improve and you will be able to make better strategies for the business when this happens. You will also have access to trained data controllers who will help in making sure the data is safe.