# GDPR to spark lean data revolution says BDO
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-03-03
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: How GDPR Can Transform Your Business: The Lean Data
Meta Description: Discover how implementing GDPR compliance can streamline performance, reduce data management costs, and unlock growth opportunities for your business.
URL: https://financedigest.com/gdpr-to-spark-lean-data-revolution-says-bdohtml

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In a new white paper, BDO calls on enterprises to replace box ticking with P&L thinking when it comes to GDPR. BDO demonstrates how mature information security and data privacy programmes can enhance the professionalism of a company’s employees and reinforce an organisation’s public reputation and recalls that the cost of ‘bad’ data is estimated to cause between 15% and 25% loss of income for most companies.

Organisations still do not have the processes to assess cyber risk and its business impact. While 79% of public company boards are more involved with cybersecurity now than they were 12 months ago , still 23% of [corporate directors do not even know if they have a cyber breach/incident response plan](https://www.financedigest.com/bank-of-england-sets-out-plans-to-sell-23-billion-corporate-bond-stockpile.html "Bank of England sets out plans to sell  billion corporate bond stockpile") in place. Only half (52%) of organisations are set up for regular [cyber security](https://www.financedigest.com/a-culture-of-cyber-security-throughout-financial-services-organisations.html "A Culture of Cyber Security Throughout Financial Services Organisations") risk assessments and not more than 40% of organisations are able to assess vendor risk .

Article 32 – ‘security requirements’ of GDPR requires organisations be more structured and formal in their protection of [personal information and demands](https://www.financedigest.com/airless-pump-market-to-grow-by-1-8x-as-demand-in-personal-care-cosmetics-industry-picks-up-pace-future-market-insights.html "Airless Pump Market to Grow by 1.8x as Demand in Personal Care & Cosmetics Industry Picks Up Pace: Future Market Insights"). The investments and resources allocations that this demands will see organisations end up streamlined performance and reduced data [management costs](https://www.financedigest.com/managing-cloud-costs-with-distributed-clouds.html "Managing Cloud Costs with Distributed Clouds") – essentially a lean data revolution, meaning:

1/ GDPR requires ‘data minimisation’ – only collecting, using and retaining what is necessary for processing. The discarding of extraneous and expired information.

2/ Controlling data costs – This is in stark contrast with the ‘gather it all and sort it out later’ / ‘keep everything indefinitely – just in case – because storage is cheap’ philosophies that many businesses have accidentally adopted.

3/ Dormant data – Perhaps more importantly, with the GDPR transformation expected to purge the ‘haystack’ of expired, extraneous information, staff will find the ‘needle’ they need faster and be less apt to use outdated information to support decisions – ‘bad’ data [leading to an astonishing 15% to 25% loss of income](https://www.financedigest.com/financial-independence-through-passive-income-leads-to-a-happier-retirement.html "Financial Independence Through Passive Income Leads to a Happier Retirement") for most companies .

Companies preparing for GDPR should think beyond penalty avoidance. GDPR is a springboard, a process in which companies [transform and build a stronger foundation for both execution and strategy](https://www.financedigest.com/can-ai-supercharge-your-banks-digital-transformation-strategy.html "Can AI supercharge your bank’s digital transformation strategy?"). Enterprises should [expect to lower](https://www.financedigest.com/ea-lowers-bookings-expectation-on-strong-dollar-gaming-slowdown.html "EA lowers bookings expectation on strong dollar, gaming slowdown") the cost of infrastructure, operations and to unlock information to support business decisions. A clear picture of data flows provides insight for improvement: safer, more efficient and less [costly operations](https://www.financedigest.com/uk-pub-operator-wetherspoons-loss-narrows-despite-higher-costs.html "UK pub operator Wetherspoon’s loss narrows despite higher costs"). We will see that GDPR preparations lay the foundation for an organisation’s [digital future](https://www.financedigest.com/back-in-barcelona-telecoms-bosses-stake-claim-to-digital-future.html "Back in Barcelona, telecoms bosses stake claim to digital future"), identifying new growth opportunities, trough not big data but lean data.


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