The more a company knows about its customers, the better it can tailor its offering to their wishes. The biggest companies in the world, the likes of Facebook, Google, Amazon and Apple, have led the way in demonstrating the value inherent in gathering and analysing their customers’ personal information. With this comes a greater risk of misuse of information and breach of privacy, placing on companies dealing in personal data a greater responsibility to ensure their practices are transparent and respectful. Regulation in this area is increasingly stringent, with the entry into force in 2018 of the General Data Protection Regulation, bringing with it fines of up to four per cent of global turnover for companies breaching the regulation.
We at Stephens have guided many of our clients through GDPR compliance programs, priding ourselves on a pragmatic approach to compliance designed to minimise risk, maximise opportunity and cause as little business disruption as possible. Most of our team have become experts in data protection law as part of this process, leaving us well placed to assist our clients and others as this field develops in the future.