Five things every brand owner should know about the General Data Protection Regulation
In a recent survey of WFA members, 94% of companies said that the General Data Protection Regulation (GDPR) was important for their organisation. However, 70% said that marketers in their organisation were not fully aware of the implications of GDPR for future marketing campaigns.
To address the knowledge gap, the WFA has created a new GDPR Guide for Marketers, which has been compiled in conjunction with global privacy and cybersecurity legal experts Hunton & Williams.
As of May 2018, GDPR will require multinational companies to make major changes to the way they collect and process consumer data. This is likely to have a big impact on marketers who rely on consumer data for carrying out targeted and effective marketing campaigns.
GDPR applies to any company which offers goods or services to consumers in the European Union or monitors the behaviour of people in Europe. This means that most global companies will be affected, even if their headquarters are not based in Europe. Companies could be faced with big fines if they don’t comply. These fines could reach up to 4% of a company’s annual global turnover, which for Global 500 companies could mean fines ranging from $800 million to as high as $19.2 billion.
The guide sets out five things every brand owner should know about GDPR and it’s designed to help marketers understand what GDPR means for their day-to-day work. It builds upon insights gathered through the WFA’s Digital Governance Exchange (DGX) forum, which brings together senior experts from a broad range of functions, including marketing, legal, public affairs and compliance to discuss digital governance challenges facing companies in a data-driven, hyper-connected world.
Get a copy of the GDPR guide here.
For more information or questions, please contact Catherine Armitage