Public awareness of data protection has significantly hit the headlines this month with revelations around the alleged misuse of Facebook data by Cambridge Analytica.
According to this analysis by Goldman Sachs, Facebook could lose $2.8 billion of its revenues under GDPR. Ironically, failure to comply with these regulations can result in a fine of up to 4% of global revenue, but Goldman Sachs estimate that a proper implementation of strict GDPR controls by Facebook could hit revenues by around 7%.
Closer to home, the Royal Mail Group has been fined £12,000 this month by the Information Commissioner's Office after sending more than 300,000 nuisance emails. On two dates in July 2017, the company sent emails to 327,014 people who had already opted out of receiving direct marketing. When GDPR comes into effect this May, fines of up to 4% of Royal Mail Group could be potentially up to £391M (assuming financial performance comparable to 2016-2017).
Given the prevalence of either using the FileMaker platform for CRM and generating bulk e-mails directly or integrating with a 3rd party mail platform such as MailChimp, this highlights how essential it is to review any automated processes that your organisation might have in place and ensure that they are properly handling flagged opt-outs.
If you are interested in finding out more about how the FileMaker platform can be used to secure data privacy or need assistance with modifying your system to meet GDPR requirements then contact our consulting team for assistance.