Marketing departments may not realize the seismic impact a new regulation will have on their plans for 2018.
And if they don't begin planning today, CMOs may discover that after May 25, 2018, their teams will not be able to execute campaigns and activities in the way they used to—at least not without facing the risk of legal action against their companies resulting in dramatic penalties and brand damage.
The specter of the General Data Protection Regulation (GDPR) has loomed large since it was adopted last year by European Union (EU). When it goes into effect next year, this new regulation promises to radically change every phase of consumer data management within the EU—and worldwide.
And just because your company or its servers are not in the EU doesn't mean you'll be able to get around the issue.
A change of this magnitude requires a dedicated and serious response from any organization that either does business within the EU itself or has a customer base or employees that include European residents.
Yet, confusion regarding GDPR is pervasive, and many companies don't fully appreciate the scope of its impact.
GDPR Threatens to Derail Marketing Initiatives
GDPR institutes strict data protections for all persons within the EU and places limits on the export of personal data outside the EU. All companies that possess lead, prospect, or customer data about persons located in the EU will be affected.
With GDPR taking effect in less than a year, efforts to comply with the new regulations should already be well underway. That's simply not the case at many companies, however.
A recent survey on GDPR preparedness from PricewaterhouseCoopers found that 23% of respondents hadn't even begun taking steps to comply with GDPR; only 6% stated that they had completed preparations and were ready to operate in a post-GDPR environment.
Although 92% of survey respondents listed GDPR compliance as a top security concern through the rest of the year, it's important to keep in mind that this is not strictly a security or IT problem. Unfortunately, many department leaders continue to view GDPR compliance as completely outside their purview.
Source: Marketing Profs