If you don’t know why this date is significant, keep reading!
Rules regarding data protection are changing, and the existing Data Protection Act is being replaced by the General Data Protection Regulation (commonly known as GDPR), and there some important reasons why business owners should be looking into what they need to do to make sure they are working in compliance with the regulations.
The maximum fines that the Information Commissioners Office (more commonly known as the ICO) is able to dish out have been significantly increased – up to 4% of global annual turnover, or 20 million euros, whichever is greater. Whilst its appreciated that the maximum fines will likely be used for the most serious of breaches, it does give the ICO much greater scope to issue larger fines in general than under the existing Data Protection Act.
If you were to experience a breach which impacted on individuals, they do also have a right to compensation, so on top off the fine from the ICO, you might also receive a lawsuit from a damaged individual!
This would also risk your reputation in business, potentially lose customers, and risk the financial stability of your business. So, in our view the costs of compliance is economically sensible.
You might think it’s not happen to you. The big issue here is that no-one is talking about data breaches, it seems to be a big taboo in the business world! No-one wants to put their own hand up and admit they have been a victim. However data breaches are happening all the time, and no longer restricted to the likes of the Pentagon and the NHS!
Personal data is now the new currency, and the GDPR sets out to provide guidance on how we should be treating the data, as it clarify’s the data rights of EU citizens.