6 June 2018

Update

GDPR can rebuild public trust

Why it marks an opportunity to build a stronger relationship between consumers and businesses.

GDPR can rebuild public trust

The mutually agreed General Data Protection Regulation (GDPR) came into law on 25 May, changing the way businesses deal with data.

While many believe GDPR is about box ticking, it is much more. How firms act with personal data goes right to the very core of trust in business, with GDPR modernising laws that protect the personal information of individuals

CBI research shows that the way a company deals with data is the top concern for potential customers and business partners. Public trust in how businesses use data has been rocked by high-profile scandals. Ipsos Mori research highlights that seven in ten consumers do not believe companies have their best interests at heart when using their personal data.

The GDPR provides the boundaries for a balancing game between, opportunities that the use of data unlocks, and confidence and awareness about how their data is being used.

The rate of technological change is not going to slow down, and GDPR will evolve to keep pace. The Information Commissioner’s Office, the regulator in charge of data protection, has huge resources to keep firms of all sizes well-informed.

Looking at the next five years, there is huge amount of potential for technologies such as artificial intelligence and the internet of things. When it comes to tackling some of the major challenges society faces, from improving productivity to combating climate change, the use of data-driven technologies will help find the answers.

If the UK is going to lead the way in these game-changing technologies, companies must have the freedom and flexibility to innovate. Firms will only be given that licence if they uphold the highest standards of data protection. People need to have confidence in the way technology gets smarter and solves new challenges. GDPR marks a turning point in the conversation, business has a critical role to play in ensuring data is used fairly and transparently.

For further information please contact Roxanne.morrison@cbi.org.uk