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BizReport : Internet : April 30, 2019

Expert: 1 Year later, what's happening with GDPR

While more consumers may say they're worried about and/or actively looking for solutions to keep their personal data private, new data indicates they aren't actually taking steps to secure that data. According to data from BestVPN about half (46%) of American consumers haven't made changes to their security settings post-Cambridge Analytica/Facebook. We're also a year into the EU's GDPR change. So we asked one digital expert what is happening with digital security.

by Kristina Knight

Kristina: It's been nearly a year since the EU introduced GDPR - what positive changes have you seen thus far?

Dietmar Rietsch, CEO, Pimcore: Since GDPR was introduced, organizations have shifted their mindsets to be more focused on effective data management solutions to be successful. GDPR is requiring organizations to be more strategic about how they're using, storing and aggregating customer data, which not only helps enterprises meet compliance standards, but enables them to improve business processes and customer experience.

Kristina: What about negatives - are there areas in which digital brands could do better specific to GDPR regulations/changes?

Dietmar: Organizations across the enterprise struggle to get their data consolidated, cleaned, profiled and established as one holistic golden record since data is often scattered across departments in various silos. This makes it very difficult for companies to comply with GDPR regulations because there are often duplicate data records, inefficient processes for recalling information and more opportunities for data security to be threatened. Organizations need to be better about having a strong master data management solution in place to aggregate all customer data so it can be leveraged to derive unique insights and meet GDPR regulations for data privacy.

Kristina: What trends are you watching in customer data?

Dietmar: A big trend that we're seeing in customer data is around breaking down data silos within organizations. Since customer data exists across multiple touchpoints, companies are putting a greater emphasis on leveraging every data point possible to inform a cohesive experience that is informed by a full picture of what each unique customer needs. This involves organizations putting a greater emphasis on tech solutions that enable this holistic picture and ensure that data is clean, consolidated and organized. This then allows organizations to draw and act upon the most effective insights.

Kristina: Are there initiatives that businesses need to implement at this time to ensure GDPR compliance?

Dietmar: Organizations must implement a strong master data management strategy as soon as possible, which will allow them to consolidate, clean and streamline all customer and product data to ensure GDPR compliance. This may involve investing in cloud or open-source solutions so the strategy can evolve as more regulations come into play over time. These solutions are more flexible than the traditional, antiquated enterprise solutions of the past (think: SAP, Informatica) that don't allow for small changes without overhauling the entire system. This also ensures the right parties are able to access data to protect customers, drive unique experiences and ultimately, grow revenue. Enterprises must have these solutions in place to pivot quickly as compliance standards change or new ones enter the playing field. Without this agility, they're sure to fall behind and not only risk sacrificing customer data privacy, but losing customers altogether.

Tags: advertising data, advertising trends, data breach, data security, GDPR, Pimcore

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