The new General Data Protection Regulation (GDPR), which finally came into force on 25 May 2018, is not just any law in the EU, but a reform process finally set in motion that regulates the processing of our personal data as a fundamental individual right.
At BitsaboutMe, we firmly believe that the vision of GDPR will prevail in the Western world. However, the practical application of the law will still have to level off over the next few years.
Data is of fundamental importance for both, individuals and companies. So how can companies create new business models around the collection of data and at the same time strengthen their customers’ trust?
Personal data: user-centric models for the future
We believe that the solution is to a large extent to involve consumers in data exchange and to equip them with a new tool that allows them to manage and share their data under their own conditions. Personal Information Management Systems (“PIMS”) and data marketplaces will play an extremely important role here.
However, such new models, which always focus on the user, can only be implemented thanks to the core components of GDPR. This primarily includes data portability and the necessary consent of users to the use of their personal data. In addition, tough penalties for companies who fail to comply with the regulations are essential in order to bring about the system change intended by GDPR.
Establishing legal equality with the EU
These are all important reasons for Switzerland to establish legal equality with the EU as quickly as possible. A downgrading of the data protection level vis-à-vis the EU would be a considerable damage to Switzerland’s image. With around 80% of Swiss companies subject to the provisions of GDPR, dual legislation would also generate enormous additional bureaucratic and operational costs and consequently weaken Switzerland as a business location.