Why GDPR-Mandated Privacy Consent is so Important in the World of Data Commoditization

GDPR-why-headerListen, we get it. With only a few months left until it’s enforceable you're probably currently drowning in GDPR prep work. If this is your first foray into data privacy, you might also be struggling with wondering why any of it really matters. Why is the General Data Protection Regulation such a big deal? And why is it so burdensome, exhaustive, and at times, vague?

Personal data has become a commodity that rivals oil in value. According to CBC News, “The five most valuable companies in the world today — Apple, Amazon, Facebook, Microsoft and Google's parent company Alphabet — have commodified data and taken over their respective sectors.” The GDPR helps regulate personal data as a commodity by treating it as a personal right. EU citizens gets to control how their personal data is acquired and processed and have the ability to opt their data out at any time.

In case this is your first time reading our GDPR basics blog series, the details of what compliant consent acquisition looks like has been previously detailed.

Why is consent so important? It is the essence of the entire GDPR. Consent ensures that EU citizens maintain control over their information. They will have to give active consent for the use of their data, and they have the absolute right to have their information forgotten. How consent is acquired and managed is also getting an update. Consent must be active, clear, distinguishable and complete. Why does this matter? GDPR raises the stakes significantly on the traditional methods of binding a user or consumer to a privacy policy, and the penalty for noncompliance can be up to 4% of a business’s annual revenue.

This may seem like information you have seen a million times before, and by now, it probably is. Why is it worth repeating? There are measures you can take now to save time and money in the end. With our Privacy Consent Gap Assessment you can determine now if you have any collection locations already constructed and tracked in a GDPR compliant way. If you're not yet there, don't worry. Our recent internal survey of in-house privacy lawyers said 84% of organizations had no way to easily produce privacy consent records as of December 2017. If you're behind the 8-ball here, you're probably in good company.

May 25th is coming. Let us help you get ready.

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