GDPR and the Future of your Data Security
EU’s General Data Protection Regulation (GDPR)
The date set for the EU’s GDPR to come into force is 25th May 2018.
For businesses, this means a stricter code of conduct in terms of data protection. The GDPR will supersede the current UK Data Protection Act (DPA) that has been in place since 1998.
Monetary fines for data non-compliance
One of the biggest changes the GDPR will introduce is the monetary fines for data non-compliance. Organisations that fail to conform to regulations will face penalties of up to €million or 4% of their annual global turnover (whichever is greater), far surpassing the current maximum fines of £500,000. The GDPR’s reach is wider than the DPA; the collection and use of consumer and personal data along with business-to-business data will require consent.
Current and future security of data
It is important, then that SMEs residing in Britain can fully identify with the current and future security of their data. Given the heavy fines, it pays to be educated on the details, to ensure you are not caught in the increasingly wide net of data regulation.
With less than a year to ensure your business is fully compliant, do you have enough time?