Almost every day, we put our trust in products or services that are governed by strict regulations. I trust that my electric razor won’t cut me, I trust that the cereal I eat for breakfast is safe, and I usually feel confident that my flight will land safely. These examples are far from unique; markets with some sort of regulation are everywhere.
Regulations on products and services set a basic standard of quality and safety that in turn gives us confidence that we’re protected. While we may not know the details of the regulations that protect us every day, we become accustomed to, and demand, the level of protection they provide.
The GDPR is setting new, sometimes very strict, standards for the way that personal data can be stored and used. But while the regulation may be tough on businesses, compliance results in increased trust from customers and partners.