Many of you are familiar with the General Data Protection Regulation (GDPR) and may be well on your way to compliance. For others, you might just be getting started. Either way, you may be surprised to know that this new regulation can lead to a real benefit for the relationship between businesses and consumers, and may result in higher sales for businesses that embrace the regulation.
The GDPR empowers individuals (aka Data Subjects) within the European Union (EU) to have informed consent regarding how their data is collected, processed and retained, as well as offering easy ways to update those and other details.
Believe it or not − this is good news for retailers! How? By keeping this data accurate, not only will you stay compliant, but the data you collect will be of higher qualityand therefore of greater value to you as a retailer. This compliant and up-to-date information should translate into fewer unsubscribes, a more trusting relationship with your customers, higher engagement, increased revenue and greater customer service.
At Listrak, we have been preparing for GDPR for some time. Not only are we building frameworks for your compliance within our application, but we have also certified our privacy and security controls. Listrak is certified by the EU-US Privacy Shield Framework and the Swiss-U.S. Privacy Shield, meaning we have implemented the proper privacy controls to appropriately handle your data according to the EU requirements. In addition, Listrak is audited annually for an SSAE SOC 2 Type 2 audit with the optimal favorable opinion from our auditors. This audit examines the effectiveness of more than 100 controls as they relate to security, privacy and other trust service principles. This further emphasizes the importance we place on the security and privacy of your data.
To be fully compliant when GDPR goes into effect on May 25, you may need to do a few things, some examples of which might be:
- Sign our Data Processing Addendum which allows controllers to transfer personal data from the EU to a processor outside the country; and/or
- Obtain updated consent from your EU subscribers to further process and/or transfer their data to a third party outside the EU.
Please note that this is not an exhaustive list, as you may need to make some internal and strategic adjustments. To view the entire Regulation, visit https://gdpr-info.eu.
Our Account Management, Professional Service and our Customer Success teams are here to help you with the compliance process. We will continue to communicate updates and provide resource materials, but, it is important to note that a heavy share of the responsibility for compliance will rest with you within the operation of your own business.
While Listrak can help you prepare for GDPR, please consult with a qualified legal professional to ensure you understand the full impact of this regulation.