As the world knows by now, the European Union’s General Data Protection Regulation (GDPR) took effect on May 25. The mechanics of what firms have to do when it comes to collecting, managing and processing data has been well-publicized.
Equally well-publicized has been the readiness — or lack of readiness — of firms to bring data under the control of the consumer. After all, it’s the individual who can ask to be deleted from databases, to leave as little a virtual trail as possible in this world of commerce rendered in bits and bytes — which is no small order for the companies asked to do this.
And no small debate, either. Consider the fact that now companies must contend with privacy issues as data moves across borders, and, in general, windows for reporting breaches have been shortened to 72 hours. Companies have to beef up staff, must change the way they do risk analysis and must eye, constantly, the data they possess.
Welcome, then, to the digital economy on the grandest of global stages, where data and anonymity are both precious. We’ve gathered thoughts on GDPR from payments luminaries. Here’s what they said about the challenges and rewards of a new regulatory environment.