The General Data Protection Regulation (GDPR) is the European equivalent of the Data Protection Act. The GDPR comes into force in May 2018 and will be legally enforceable, with breaches resulting in fines and prosecutions for the Data Controllers and Processors that have had a role in gathering, managing and processing that data.
GDPR breaches will incur fines of up to €20 million (or 4% of company turnover)
Most, if not all companies, hold personal information in the form of employee or customer personal records and therefore those companies must ensure that they are compliant. For those organisations wishing to trade with the European Union, they should be getting ready to also comply with the GDPR.
Customer Satisfaction and Data Security
As a business, it is vital to ensure the safety of your consumer data in order to maintain a trusting relationship. If data is leaked, stolen or misused, consumers can lose confidence in your business and brand loyalty may suffer. Consulting an external firm for advice on managing your data and ensuring the security of your company is a great way of guaranteeing the safety of your data and maintaining trust with clients whilst also avoiding significant fines.
Many UK business believe that GDPR does not apply to them now that the UK has voted to leave the EU. But the truth is, until Article 50 is triggered and the UK’s exit from the EU is finalised, businesses will still have to comply with the new regulation. In addition, even after the UK has left the EU, it is likely that we will still have to enforce a similar, if not identical regulation in order to continue doing business with EU citizen’s data and, as we have already said, any company wanting to continue doing business in the EU, will need comply.
Marathon Professional Services offer an advice service to ensure that organisations have policies, controls, processes and awareness which will minimise any risk of a GDPR regulation breach and prosecution. Visit our website or call today on 020 8329 1000 to find out more.