Businesses Still in the Dark About GDPR
With only six months to go until the new GDPR come into force, alarmingly many businesses are still unaware or unprepared for the regulations - Brexit or no Brexit, businesses will still have to comply.
Following the research of more than 500 UK businesses by Litmos Heroes, it was discovered that 22 per cent of North West businesses don't know anything about the new GDPR, which come into force in May 2018. It was also revealed that nine out of ten admitted that if the regulations were introduced tomorrow, they wouldn't be ready.
Litmos Heroes also discovered that ten per cent are not planning on doing anything about the regulations, despite the threat of fines of up to 20 million euros or 4% of turnover. However, financial penalties may not be the only consequences as the commercial reputation of the business could be seriously affected.
The GDPR were acceded into law by Parliament in April 2016 and come into force on 25 May 2018. The regulations will apply to all companies processing and holding the personal data of people who live in the EU, regardless of where the business is located. They way you as a business collect, store and use your data will be subject to additional scrutiny.
Keith Kennedy, Head of Corporate and Commercial at Pearson, commented, "the new GDPR regulations are huge and it is worrying to see that many business leaders are not putting necessary plans in place to ensure that they are compliant. Businesses are making themselves vulnerable to huge fines if they don't start acting now".
"If criminals manage to 'hack' into business systems and steal personal data, the customers of the business could also be at risk of cybercrime. All businesses, SMEs and PLCs alike will be subject to the GDPR. Smaller businesses might not have as much money to invest in cyber security but they will be subject to the same fines and penalties under the new regulations".
If you are a business owner and need help with preparing for the GDPR, please contact Keith Kennedy, Head of Corporate and Commercial, on 0161 785 3500 or email email@example.com.
You can also download our Guide to GDPR.Subscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
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