- GDPR is a new European Union (EU) regulation that governs consumers’ private information and comes into effect on 25 May 2018. This regulation will have a significant impact on how organisations worldwide manage their users’ data and privacy
- Non-compliance with the regulations will carry a maximum penalty of EUR €20million or 4% of worldwide annual turnover of the preceding financial year, whichever is higher
- GDPR provides worldwide protection to EU citizens no matter where their data travels. This means that any organisation, anywhere in the world, that has a database that includes EU citizens is bound by its rules. Organisations regardless of their size are affected — from micro to multinational. No one is exempt, irrespective of jurisdiction
- GDPR operates with an understanding that data collection and processing provides the basic engine that most organisations run on, but it unapologetically strives to protect that data every step of the way while giving the consumer ultimate control over what happens to it
- In order to be GDPR-compliant, an organisation must not only handle consumer data carefully but it must also provide consumers with ways to control, monitor, check and, if desired, delete any information pertaining to them that they want; putting full control back in the hands of the consumer
- According to ReportBuyer the data protection market size is expected to grow from USD $57 billion in 2017 to USD$120 billion by 2022
Leading and award-winning artificial intelligence company OpenDNA Limited (ASX: OPN) (“OpenDNA” or the “Company”) is pleased to announce its GDPR solution that will provide businesses with integrated consent management, ongoing data management, full data export and user profile deletion options, as is required under the new regulation. This has the potential to negate costs and overheads that a business would likely incur in order to have internal processes that comply with these new regulations.
From a user’s perspective, the simple and transparent experience provided by OpenDNA’s solution will assist in building trust with the host company’s website or mobile application in that their data is safe and within their control, as well as also helping to educate the user on why giving access to such information is beneficial to their online experience.
OpenDNA’s GDPR solution also complements the personalisation capabilities already available within the OpenDNA Artificial Intelligence engine, going above and beyond the more traditional consent management applications, which serve only as a gatekeeper of user data.
For businesses which power their applications with OpenDNA, not only would it potentially provide significant Return on Investment (ROI) generated through the mitigation of compliance risks, but they also receive cutting edge technology with the ability to drive revenue growth, all within one easy-to-integrate package.
- OpenDNA’s profiling system allows users to fully control their own data and what they want to share with any business;
- OpenDNA will allow businesses to update their users’ experience for the user within their systems in real-time and in response to any user-driven profile changes; and
- Businesses will have the benefit of providing a personalised experience for its users without violating their data privacy and also at the same time comply with the new GDPR requirements.
Market Opportunity for Data Protection Solution Providers
According to ReportBuyer “the data protection market size is expected to grow from USD 57.22 billion in 2017 to USD 119.95 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16%. The data protection market is driven by factors, such as growth of enormous amount of data and the need for data security and privacy concerns, regulations to increase the adoption of data protection solutions, and rising concerns of critical data loss in the on-premises environment.”
“Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period, which includes major economies such as India and China, which are rapidly employing data protection solutions and services.” This was one of the key factors predicted by the OpenDNA management team when opening offices is Singapore.
Detailed look into GDPR
The EU GDPR provides a number of rights to individuals that organisations will have to provide:
|GDPR REQUIREMENT||OPENDNA SOLUTION|
|RIGHT TO ACCESS and obtain a copy of the individual’s personal data, including the purposes of processing and who the personal data has been disclosed to||OpenDNA provides users full visibility into every data set collected, how they are profiled, and who it has been disclosed to|
|RIGHT TO RECTIFICATION of inaccurate personal data concerning the individual||OpenDNA empowers the user to fully manage all aspects of their data profile which enables real-time notification to businesses as to why, when and what they should show the user|
|RIGHT TO ERASURE OF PERSONAL DATA concerning the individual in certain circumstances||OpenDNA allows the user to control the deletion of their data if the user so wishes|
|RIGHT TO RESTRICTION OF PROCESSING in certain circumstances, such as where the accuracy of the personal data is contested, or the processing is unlawful||OpenDNA enables the user to control what parts of their data are accessible and used for profiling purposes and more importantly by whom|
|RIGHT TO DATA PORTABILITY by receiving personal data concerning the individual or data which he has provided to the organisation, in a structured, commonly used and machine-readable format, and the right to transmit that data to another organisation||OpenDNA allows a user to export all their data into easily readable structured formats such as CSV|
|RIGHT TO OBJECT to the processing of personal data in certain circumstances, including for the purposes of direct marketing||OpenDNA allows the user to control how businesses will engage them. This control is similar to that used in updating a user’s email communication preferences|
|RIGHT NOT TO BE SUBJECT TO AUTOMATED DECISION-MAKING (INCLUDING PROFILING) where this has legal effect on the individual or significantly affects him||OpenDNA allows a user to take advantage of a centralised decision-making engine that will inevitably enable the user to receive a personalised experience across the digital properties of multiple businesses. Users will also have a choice of switching this engine off or on, in real-time|
With OpenDNA’s Artificial Intelligence technology, businesses will have the opportunity to comply with GDPR regulations as well as learn in real-time a user’s interests, likes, dislikes, wants and needs, which enables them to then use this information to automatically personalise their users’ experiences in the business without violating their data privacy rights.
OpenDNA’s Chief Executive Officer and MD, Jay Shah, said:
“The regulatory changes in law with regards to how businesses use and protect their user’s information marks a new era in data privacy protection and data accuracy, with users having full control and access over their data, to inspect and validate the stored information. These GDPR changes may also translate into competitive advantage for businesses who lead the charge, strengthening brand equity, accompanied with customer retention, trust and loyalty.”