Guest Post – How GDPR Affects Different Industries
How GDPR Affects Different Industries
Much has been said about the General Data Protection Regulation (GDPR). In fact, OpenBack presented an infographic explaining what GDPR means to mobile app users. The three main areas to consider are explicit consent, private by design, and right to be forgotten. The GDPR, though, affects more than just the mobile app industry. It actually impacts a range of industries. Here are some of the affected sectors.
In ‘What Companies Are Affected by GDPR’, Tech Funnel posed three questions to determine which businesses are impacted by GDPR:
- Does the business market to customers in the European Union (EU)?
- Does the company have a current customer base in the EU?
- Does the company have any employees that work in the EU?
A yes to any of the above questions means the industry or company is affected by GDPR laws. Many telecommunication companies have both customers and employees in the EU, and they actually market to customers in the EU. This means this industry will be significantly affected by the GDPR. Not to mention, telecommunication companies require customers to submit personal information, and other relevant data such as credit card numbers and e-mail addresses. These same companies will now have to think about beefing up their data safety and security protocols so that they are compliant with existing regulations.
The e-gaming industry (along with the subsequent industries in this list) is in the same boat as telecommunications in that (a) they target customers in the EU and (b) they have employees and customers in the EU. What’s more, e-gaming sites require sign ups and log-ins, and that means customers have to provide personal data. In many cases, credit card numbers and payment details are required as well; this means it is imperative for the industry to figure out ways to fully satisfy the GDPR’s data protection requirements. Otherwise, they face considerable sanctions.
Information is vital in the finance industry, which encompasses banking and insurance, among others. Important — and often sensitive — details about a client are necessary to facilitate transactions, like opening an account for instance, getting insurance, or applying for a loan or credit card. It is for this reason that the GDPR can impact the way financial institutions collect, store, and use data. Forbes contributor Steve Culp views this development as a chance for financial services to “build customer trust.” Full compliance to GDPR requirements means these institutions value the data privacy of their clients, and will, in fact, go to great lengths to ensure that the data remains private.
Fleet monitoring is an essential component of the logistics industry, and it is made possible by GPS-enabled location data services. In an article on Verizon Connect, they reveal that GPS location data services are used by fleets for better fuel management and vehicle safety. They can also be used to monitor driver habits and locations, and that means fleet companies are duty-bound to ask for consent from their drivers. Additionally, data location services collect pertinent customer-related data, notably customers’ names, addresses and contact details. Routes leading to the addresses are generally recorded as well. The question now is whether or not the fleet industry will change its data collection and storing methods to comply with GDPR. That means, asking for consent and maybe even deleting collected data after use.
GDPR impacts a range of industries, and the above are just a few of the ones affected. In many ways, actually, any industry that involves customer and employee data collection and exchange will be affected by the GDPR.
Written by Allyson Xia
IMAGE CREDITS: Pexels