How is GDPR Affecting Various Industries

By CIOReview | Friday, July 31, 2020

GDPR has been imposed so that the industries can avoid data breaches and maintain the privacy of their users, but it can also create difficulties for the companies.

FREMONT, CA: After the General Protection Regulation (GDPR) was imposed, most of the sectors have obeyed it so that they do not face charges or other related consequences for not following it. GDPR is a new set of regulations offered to individuals so that they get better control of their data. Its fundamental objective is to make the regulator environment transparent for the businesses and the customers so that both can benefit from the digital economy.

However, several top industries got affected by the GDPR. There are many difficulties in dealing with rules that got effected over a year, but they also benefit from data privacy law. Here are some industries that were affected by social media, digital banking, healthcare, social media, and cloud computing.

GDPR and Social Media

Recently, social media users might have observed the transformation related to privacy policies in their favorite social media application. The primary reason for such changes is the GDPR because data breach keeps happening as they permit third-party applications to access personal data.

As social media marketing got tremendously affected by the GDPR, they must entirely reveal and make it clear to the customers the ways in which they use the data. Furthermore, they also require the consent of the users to make use of those data.

GDPR and Online Retail

GDPR did not prevent targeted marketing, but it has also challenged the online retail companies. However, GDPR has Made sure that the companies make few transformations in the system and forced the digital brands to reconsider their marketing plans. It has become challenging for online retailers to prosper in their business due to the strict restriction rules by the GDPR like boundaries in using third-party formation.

GDPR and Digital Banking

GDPR has immensely impacted the financial service sector. Moreover, the regulations declared by the GDPR have prioritized the privacy of the consumers. This is done due to the frequent data breaches that have impacted the reputation of the finance sector.

The primary value of the GDPR is to apply privacy and data protection act for the digital banking industries. However, the rules of the GDPR can encourage best practices, but it can be a hindrance to the digital bank owners.

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