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6 Things You Need to Know about the New GDPR Requirements

They will change how you interact with your prospects and customers and your duty to protect their data.CRM-for-Financial-Services (1)

These new requirements are the first update to data protection regulations for the UK since the Data Protection Act of 1998. A lot has changed since then, especially regarding how data is collected, stored, and used.

There is much scaremongering surrounding the new GDPR requirements. However, while there are some things you may need to do in preparation, if you're currently complying with the Data Protection Act 1998, you're likely already compliant.

Still, you shouldn't take the GDPR requirements lightly. The appropriate handling of personal data is crucial, and a breach of the regulations could result in a fine of up to €20 million or 4% of your global turnover.

Below, we've outlined some of the most important things you should know about the new GDPR requirements. And don't worry—it's not all negative!

The definition of personal data has been updated.

Your obligations revolve around your contacts' personal data. But what exactly is personal data? According to GDPR, personal data is anything that could be used to identify an individual, such as names, email addresses, phone numbers, and other pieces of data that you're likely to possess. You'll need explicit consent to hold this data, and you'll also need to take active measures to protect it.

Your contacts’ privacy is of the utmost importance

This may sound like common sense, but it effectively means that you'll need to put your contacts' privacy above any of your interests as a business. You'll need systems and processes to protect your contacts' data and minimise the risk of it being lost, damaged or processed in unlawful or unauthorised ways.

It will improve your sender rating and your company's reputation

You've probably seen the countless data breach news stories scattered across the media over the last few years. Under GDPR, these issues will cost you a hefty fine and leave your contacts questioning your ability to keep their data secure.

By gaining explicit consent to hold data, you'll keep in touch with only those contacts who genuinely want to engage with your company. This will mean better click and open rates and a better sender rating.

You will have to report breaches.

In the UK, if your company breaches GDPR, you'll be obliged to report it to the ICO (Information Commissioners Office) within 72 hours of discovering the breach and inform the contacts involved in the breach.

Not only will you be likely to face a fine, but also a massive knock on your reputation.

Your contacts will have more rights regarding their data

When the new GDPR requirements are implemented, contacts can request access to the records you hold on them. They'll be entitled to receive this data within one month of requesting it. Contacts will also be entitled to request that you erase their data from your system completely.

Your data is likely to become much cleaner.

As mentioned above, you'll need explicit consent from your contacts to hold their data. Unfortunately, this means many companies will probably suffer a significant drop in contact records. However, as contacts will have easier access to their data, they'll be more likely to inform you of any errors in their details.

By reducing and cleaning up your data, your database will contain more accurate information on prospects interested in your company. If you're worried about GDPR compliance, talk to Flowbird today. We can help you prepare for GDPR and ensure you're on the right side of the regulations.