Making GDPR compliance a competitive advantage
Alvin Cheung, runner-up in PL&B’s student essay competition 2019 discusses why competitive advantage is hard to achieve through privacy.
Theoretically, GDPR(1) compliance should bring competitive advantage. One only needs to go back to early 2018 when it was revealed that Cambridge Analytica harvested the personal data of millions of people’s Facebook profiles for political engineering, precipitating an incredible fall in Facebook’s stock price which was indicative of the loss of public confidence in the platform. From that episode, it was clear that people valued privacy. The introduction of the GDPR seemed to be the perfect opportunity for companies to differentiate themselves from market competitors, based on faithful adherence to the Regulation and a commitment to protecting data subjects’ rights.