|At MrFinch, we pride ourselves on ensuring our clients are kept fully informed of legislative changes and are equipped to adapt their internal processes accordingly.
As you may have heard recently, GDPR is the new ‘buzz word’ when it comes to data protection, and the huge shift in the legal requirements demanded from business owners when storing personal data can be confusing.
Despite Brexit, UK businesses must accept that mandatory fines will be imposed where data protection has been breached regardless if that data is stored in the UK or the European Union. With online hackers using more sophisticated methods to obtain personal data, business owners are under increased pressure to install internal security measures and processes to ensure that data breaches are eradicated.
To put the potential fines into perspective, the current limit stands at up to £500,000. Under the new legislation, an individual fine may be as high as £18m (Or 2-4% of turnover, whichever is the greater) It is more important than ever that businesses have robust plans in place to tackle this serious peril.
You must be compliant by 25 May 2018, which means that there are just eighteen months to go. If you employ more than 250 people, you must appoint a Data Protection Officer to ensure that all personal data is kept secure. Even if you employ less than 250, you still have an obligation to protect your customer data and to ensure that it is being used for the intended purpose, so no matter what size your business get ready for change.
It may sound daunting, but it doesn’t have to be. There is a plethora of technological solutions on the market that are GDPR ready and you may find that this new legislation makes you view your customer data in a new and beneficial way.
If you are worried about GDPR and how the new legislation may affect you, please contact MrFinch for a free consultation. We won’t blind you with science or try to sell you something – we will simply point out your options and try to alleviate your concerns.
MrFinch is getting ready for GDPR too, so let us share our knowledge with you and let’s go on this journey together.