In the B2B setting, CEOs, account managers, marketers, and key employees of companies interact and share information. For instance, B2B enterprises in Asia work with top lead generation companies, entrusting their data to generate more leads. But what is GDPR, and how does it affect your business?
General Data Protection Regulation is a regulation implemented applicable to all companies in Europe and across all continents that sell to and store the personal information of EU citizens. Personal data include names, bank details, email address, medical information, computer IP address, social networking profiles, and any information associated with a person or organization.
DOES GDPR APPLY TO ASIA?
Asia Pacific-based companies without a physical presence in Europe can still be affected by GDPR. This regulation applies if your enterprise targets EU clients and collects their data online via your forms, apps, or website. In addition, many Asian countries also have data privacy laws based on EU GDPR.
HOW GDPR AFFECTS BUSINESS?
GDPR has many business implications, particularly when handling marketing and sales activities. This regulation strictly safeguards data privacy. The data owner has the right to be informed before gathering data (consent), restrict data processing for direct marketing, and notify a data breach.
According to Digiconasia, the workflow design of any organization should be transparent and accountable to balance the risks and benefits associated with data collection. In this way, businesses meet GDPR requirements such as retaining data for contact tracing or any other agreed original purposes.
The GDPR penalties can reach up to US$12 million (€10 million) or 2% of a company’s revenue. Singapore and Thailand lawmakers have also made GDPR compliance compulsory. The Personal Data Protection Act of Singapore set a penalty of US$744,000 (S$1 million) or 1% of the company’s annual turnover. On the other hand, Thailand sets the penalty at US$156,000 (THB5 million).
It has been projected that GDPR will lead to the rise of the Privacy Office. This independent IT management function will help organizations navigate the complex data governance regulatory landscape, build credibility as data protection advocates, and mitigate risks. The role of the Chief Privacy Officer might become mandatory for companies handling large amounts of data. Privacy program solutions are more accessible and comprehensive, helping ease the load for organizations investing in their Privacy Office.
WHAT SHOULD COMPANIES DO?
With the GDPR regulation affecting all APAC companies, businesses should map out their data privacy policies. GDPR is more than asking a person’s permission or consent to gather personal information. It involves responsible data management.
Be mindful of collecting and using data for sales and marketing purposes. If you’re in the IT industry looking for marketing and lead generation services, partner with a trusted company that can uphold your data privacy, such as ThinkLogic.
WHAT DO WE DO WITH YOUR DATA?
ThinkLogic upholds the GDPR directive. We ensure your data is not used for other purposes without your authorization or consent under the GDPR law.
We ensure your data protection with our proven solutions as you entrust your data to us for lead generation purposes. Since lead generation services involve using forms and other online media avenues for subscribers and clients, we ensure that all collection points are GDPR compliant.
We employ and train the most trusted individuals to handle your data and use leading technologies to access, store, process, and analyze your data to avoid breaches. In addition, we have established our GDPR policies and procedures to ascertain the rights of our clients. We obtain consent when acquiring and processing data and implement security measures while doing so.