EVANSTON, Ill. --- The European Union’s new data privacy law, the General Data Protection Regulation (GDPR), will go into effect Friday, May 25.
The law replaces the Data Protection Directive of 1995, and it requires businesses and organizations to reshape their approach to collecting and storing the personal data of EU citizens.
Ronen Gradwohl is an assistant professor of managerial economics and decision sciences at Northwestern’s Kellogg School of Management. Gradwohl can explain what the new regulations mean for businesses and how companies can use it to gain a competitive advantage.
Please contact Gradwohl by reaching out to Molly Lynch at 773-505-9719 or [email protected].
Quote from Professor Gradwohl
“GDPR opens the door for ‘privacy by design’ and ‘privacy management’ as points of differentiation for companies. For example, smaller firms that are more agile than larger competitors could gain an edge by designing new products and services that boast enhanced privacy protection. Becoming GDPR compliant on a global basis will carry a cost, particularly if upholding GDPR standards voluntarily in markets like the U.S. hurts the revenue stream.”
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