Friday, 25 May, 2018, the General Data Protection Regulation came into effect throughout the EU, and with it, Danish businesses entered whole new territory when it comes to data protection.
From now on, stricter rules apply for how businesses can and must handle personal data, and the threat of fines in the million-kroner range looms over all Danish companies, large and small.
Personal data is everywhere, and all businesses – without exception – work with personal data each day, because personal data is any data about identifiable living individuals, meaning everything from the names and phone numbers of contact persons at other firms to medical certificates and criminal records of employees.
None of us want personal data to fall into the wrong hands. It is therefore positive that a survey among more than 500 DI members has shown that businesses have stepped up to the task. More than seven out of ten of participating companies respond that they have a thorough understanding of the new rules.
Meanwhile, it is important to note that focusing on data protection can also open up new opportunities for businesses. Good data protection is also good for business. It helps build trust with customers and investors, and trust is a key factor within digital transformation, which we know creates growth.
Businesses that successfully utilise the potential in their data can also develop more intelligent products for the benefit of customers, and better data discipline generally increases the efficiency of businesses.
In addition, the threat of cyberattacks has never been greater, and it is not only a good idea for businesses to strengthen their IT security to protect themselves against cyber criminals. It is also crucial in relation to protecting the personal data that a business is in possession of. Poor IT security is an infringement of GDPR, while good IT security protects businesses against both cyberattacks and infringement of GDPR.
All in all, good data protection can make Danish businesses more competitive in the global market, and therefore, at the Confederation of Danish Industry, we welcome GDPR.