How the GDPR Is Shaking Up Big Data
April 26, 2018
In the past, data has not been a popular table topic. If you brought up data at a dinner party, most people would roll their eyes with boredom. But times have changed and data is now making headlines. Who knew data would be a trending topic in 2018 alongside #Beychella?
Most recently, data has been catching a lot of attention because of its use and potential impact on the 2018 U.S. Presidential election. Over the last few weeks, Facebook and Mark Zuckerberg were put in the hot seat.
In short, Cambridge Analytica collected and sold private information from more than 50 million Facebook users in order to target ads in the interest of politics, and that’s a big no-no.
Thanks to the buzz surrounding the topic of data-driven ads, both advertisers and users are becoming increasingly aware of the importance of how data is collected and used. As customers, how much data are we willing to share in order to improve the quality of ads we receive? And as companies, how are we protecting the privacy of users’ data from misuse?
It’s therefore rather timely that the EU is implementing major new data privacy regulation next month to protect the use of customer’s data and to address these pressing questions.
Mark your calendars for May 25th, when GDPR will go into full effect.
What is GDPR?
GDPR is an acronym for General Data Protection Regulation. And what does that mean exactly? It’s a regulation put into place that will address and protect citizens’ data. In the big picture, GDPR will enforce stricter regulations to ensure that people actively provide consent to have their data used by corporations.
Here are some of the biggest changes that GDPR will hold, as told by Business Insider:
● Companies must clearly ask users to have access to their data
● Customers can demand to have their data deleted
● Customers have the right to ask how and why their data is being used
● Customers have the right to ask for copies of their data
● If a company learns that their data has been breached, they must notify users within 72 hours
Who Should be Prepared For GDPR?
As a user, it’s important to know your rights in how your data is being used. But this new set of regulations is of the utmost importance for any company that collects data. And we mean any company.
GDPR will affect any organization with users in the EU. So even if you’re not fortunate to have an office overlooking the Amalfi Coast or have never seen the Eiffel Tower, you still have to adhere to the implementation of the GDPR if you have even one single user based in Europe.
Does This Spell the End for Data-Based Ads?
Short answer: no. It simply means that there will be more rules and regulations to make it absolutely clear how customers’ data will be used, and give them more clarity and authority in just how it gets directed.
However, so long as advertisers abide by the rules, they can still use permitted data to create targeted ads based on location, interests, and more.
What Happens If Companies Don’t Adhere to GDPR?
Time to pay up! Any company that is not prepared to comply with GDPR will be fined — 4% of their annual global turnover, to be exact.
Remember, the Information Commissioner’s Office will be enforcing GDPR and its strict compliance, so you can’t just hope to slide by without updating your strategy.
As more and more information is being shared on the internet, privacy has become a top concern for businesses and individuals alike. And while many people think this new law is a direct response to the scandal with Facebook, it was actually approved back in 2016 and just now making its way into practice.
How Should You Prepare?
As always, using a third-party service for checks and balances can help ensure you avoid the fine. At Taptica, we’re fully aware of the changes that GDPR implementation brings for our partners, and we’re prepared for how to best maneuver in the new ecosystem, with precision data-based targeting that remains in alignment with the latest regulations.
Not quite ready for May 25th? Every brand, charity, and organization alike should read up on the specifics to make sure they’re totally prepared. Check out this rundown from ICO UK, which starts off with 12 key steps you should take to prepare, ranging from understanding the basics of GDPR, updating your access requests, making sure you have the right procedures in place in case of a data breach, and more.
Consider this 12-Step GDPR Setup Guide your bible until the 25th. If you can check all the boxes then you’ll be ready for the data revolution. Any questions in the interim? That’s what we’re here for!