Posts Tagged ‘GDPR’

Recognizing the vital role contact data quality plays in GDPR compliance, Service Objects is offering affected businesses a free data quality assessment.

Free Data Quality Assessment Helps Businesses Gauge GDPR Compliance Ahead of May Deadline

As the May 25, 2018, deadline looms, Service Objects, the leading provider of real-time global contact validation solutions, is offering a GDPR Data Quality Assessment to help companies evaluate their if they are prepared for the new set of privacy rules and regulations.

“Our goal is to help you get a better understanding of the role your client data plays in GDPR compliance,” says Geoff Grow, CEO and Founder, Service Objects. “With our free GDPR Data Quality Assessment, companies will receive an honest, third-party analysis of the accuracy of their contact records and customer database.”

Under the GDPR, personal data includes any information related to a natural person or ‘Data Subject’ that can be used to identify the person directly or indirectly. It can be anything from a name, a photo, an email address, bank details, posts on social networking websites, medical information, or a computer IP address.

Even if an organization is not based in the EU, it may still need to observe the rules and regulations of GDPR. That’s because the GDPR not only applies to businesses located in the EU but to any companies offering goods or services within the European Union. In addition, if a business monitors the behavior of any EU data subjects, including the processing and holding of personal data, the GDPR applies.

Recognizing the vital role contact data quality plays in GDPR compliance, Service Objects decided to offer a free data quality assessment to help those industries affected by the regulation measure the accuracy of their contact records and prepare for the May 2018 deadline.

The evaluation will include an analysis of up to 500 records, testing for accuracy across a set of inputs including name, phone, address, email, IP, and country. After the assessment is complete, a composite score will be provided, giving businesses an understanding of the how close they are to being compliant with GDPR’s Article 5.

Article 5 of the GDPR requires organizations collecting and processing personal information of individuals within the European Union (EU) to ensuring all current and future customer information is accurate and up-to-date. Not adhering to the rules and regulations of the GDPR can result in a fine of up to 4% of annual global turnover or €20 Million (whichever is greater).

“To avoid the significant fines and penalties associated with the GDPR, businesses are required to make every effort to keep their contact data is accurate and up-to-date,” Grow added. “Service Objects’ data quality solutions enable global businesses to fulfill the regulatory requirements of Article 5 and establish a basis for data quality best practices as part of a broader operational strategy.”

 

For more information on how to get started with your free GDPR Data Quality Assessment, please visit our website today.

As the GDPR ushers in a new generation of consumer data privacy controls, the Facebook and Cambridge Analytica scandal proves businesses need to prepare.

Facebook, Data Quality, and the GDPR

With 2.1 billion active users, Facebook presents an exceptional opportunity for targeted marketing and businesses interested in harnessing the power of consumer data. In fact, there are now entire industries devoted to collecting and selling personally identifiable information. Unfortunately, the swift expansion of social media, with its tantalizing trove of consumer information, has left lawmakers playing catch up. However, that’s about to change, thanks, in part, to the scandal surrounding Facebook and Cambridge Analytica and its intersection with the General Data Protection Regulation (GDPR), an EU law governing data protection and privacy for all individuals within the European Union.

The GDPR Effect 

Though the GDPR will not take effect until May 25, 2018, if the breach of 50 million user account had happened while the law was in place, it would have resulted in a costly error for Facebook. As Austrian privacy campaigner and Facebook critic Max Schrems was quick to point out, had the unauthorized the sharing of profile data to Cambridge Analytica occurred while the GDPR was in effect, it “would have cost Facebook 4 percent of their global revenue”, somewhere in the ballpark of $1.6bn (€1.3bn).

But even before the Cambridge-Analytica story grabbed headlines, GDPR implementation was set to trigger significant changes to Facebook’s business operations. According to Reuters, Facebook faces a double-edged challenge: comply with the new GDPR rules and allow European users to opt out of targeted advertising, or violate the GDPR and face fines of up to 4% of the company’s annual revenue.  Considering 24% of Facebook’s ad revenue comes from EU users, either course of action represents a significant hit to profits for the company. And with global adoption of GDPR-type privacy protocols beginning to take hole around the world, Facebook and its social media cohorts will need to adapt to the changing consumer data landscape. 

A Global Movement

Though the EU primarily applies directly to data from EU citizens, it also controls the flow of personal data from within the EU to countries outside its borders. With US and UK legislation probable, this new era of data security means enormous changes in the way companies do business. As a result, international adoption of the GDPR’s privacy protocols is already taking hold around the world as counties begin to change their own data privacy rules. 

How Businesses Can Prepare

So how can business owners make sure they do not follow in Facebook’s footsteps? Companies entrusted with customer data must first acknowledge their responsibility in keeping that information secure. It is not enough to create a security protocol; organizations must also enforce and audit those policies. Robust and comprehensive quality analysis is also crucial, especially in light of the GDPR Article 5 mandate requiring the personal information of individuals within the European Union (EU) be current and accurate. Finally, the use of contact data, especially when it comes to combining information from different sources, should also be monitored. It is not enough to know your information is accurate; you must also make sure you are using it in the manner it was intended to be used, both legally and ethically.

The Benefits of Data Quality Best Practices

Though many businesses are still unprepared for the GDPR’s May 2018 deadline, it seems clear this latest scandal involving Facebook and Cambridge Analytica will spur many businesses into action.

The good news is implementing data quality best practices to comply with Article 5 makes good business sense. It will save organizations considerable money in the form of streamlined marketing and sales campaigns, improve overall customer service and reduce the waste associated with bad contact data.

Service Objects can help you get a better understanding of the role your customer data plays in becoming GDPR compliant. Send us up to 500 records (it is a 100% secure process) and we will provide you with an overall score of the quality of each record based on fields such as name, phone, address, email, IP, and country. Get started today.