GDPR: Prevention is better (and cheaper) than cure
The prospect of facing stiff fines for failing to comply with such strict rules may cause companies to fear the new regulations. While the fines can have a serious impact of a firm’s bottom line, many companies are looking at the new rules as an opportunity, rather than a threat. These companies see the chance to step up their data security methods as a means to protect both themselves and their customers.
Companies who comply with the new GDPR rules can earn higher levels of trust from their customers, their investors, and the market at large. While the efforts to remain in compliance can be stressful and expensive, the investment of time and effort into maintaining compliance will save companies from the damage of fines, lawsuits, and damage to their reputations.