Navigating the ups and downs of business is common, but a persistent slowdown might indicate a larger issue, such as gaps in information security.
Organizations often suffer significant setbacks following a cyber attack, with financial losses and diminished trust and reputation being among the common repercussions.
However, maintaining a robust security posture is not solely about avoiding the costs associated with cyber attacks. Adhering to GDPR compliance can also set you apart in a crowded market.
Unlocking Revenue with GDPR
Compliance with GDPR can create new sales opportunities by enabling you to engage with a broader range of clients, organizations, and business partners.
For some potential clients, specific certifications are a prerequisite to consider doing business. While not always mandatory, these certifications can distinguish you from competitors.
A data breach could jeopardize not only your data but also that of your clients and their end-users, impacting their reputation. Consequently, many reputable organizations prefer to work with well-protected companies. Let’s explore how each security standard can boost your sales.
Expanding into the EU Market
The General Data Protection Regulation (GDPR) is an EU law that mandates certain safeguards for acquiring data from EU residents. It includes provisions for data protection and privacy rights that you must ensure for your users.
Compliance with GDPR allows you to extend your customer base to include EU residents, providing access to a larger pool of data and potentially increasing your revenue streams.
Although GDPR does not offer compliance certificates, it is your responsibility to ensure adherence to avoid possible fines. If you handle data from EU residents, such as through a website using cookies, you face significant legal risks.
Complying with GDPR signifies a high standard of organizational security. Many large organizations and companies, particularly those that prioritize security, prefer to engage only with GDPR-compliant entities.
GDPR aims to bolster economic security and is particularly important to customers who value secure software vendors. Being GDPR compliant can open up global market opportunities.
It’s important to note that most clients insisting on a specific security certification will not settle for alternatives.
Starting Your GDPR Compliance Journey
If you’re looking to expand your business’s sales globally and tap into new opportunities, starting with GDPR compliance can be an effective strategy. Whether you’re just beginning or seeking to streamline the process, tools like ComplyDog can offer a more efficient, cost-effective compliance experience.
