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According to a new poll, conducted by the London Chamber of Commerce and Industry, a quarter of businesses based in London have no knowledge of the incoming GDPR with only a few months left before it becomes law. The results display the continued lack of awareness regarding what the GDPR is, as well as who it affects.
What the research shows:
Results further revealed that while 24% organisations claim to be unaware of the GDPR, of those that are aware, less than 16% are ready for it. Additionally, 34% of the London business community say that the GDPR is not relevant to their business.
This news is somewhat surprising. The General Data Protection Regulation (GDPR) is the single biggest update to data protection laws in twenty years. It will affect every business that processes or manages the personal data of European citizens. In short, very few organisations are likely to be unaffected by the GDPR in any way.
How the GDPR will affect your business:
The GDPR comes into effect on 25th May 2018. After this time, businesses that fail to comply with the GDPR could face fines of up to €20m or 4% of global annual turnover, whichever is greater.
New UK data protection legislation, expected to be introduced in 2018, is likely to set similar requirements and penalties for non-compliance as the GDPR. This is an attempt by the UK government to ensure uninterrupted data flows between the UK and EU member countries post-Brexit.
This impact of this is that whether or not the UK continues to follow the GDPR, it is more than likely that new laws adopted will be in line with most of the regulations. Your business could be at risk of significant fines, as well as reputational damage if you cannot prove your compliance.
Manage your data effectively
Most modern businesses rely on data in some form. To generate leads you must have access to personal information and as a result, you are responsible for managing that information securely. On a nationwide level, the European Commission has emphasised the need for a data transfer agreement for when the UK leaves the European Union. This emphasises the need for UK business to review their personal data protection processes.
With this in mind, the GDPR offers UK business a useful starting point for refreshing data protection policy. By adopting the regulation within their own data strategy, they will ensure that their business is protected to the highest degree.
The key to implementing the GDPR effectively is a complete approach to data protection across the board. GDPR compliance is a long-term data management strategy, not a short-term fix. Companies who feel that keeping personal data secure is not relevant to their business fail to see the opportunity GDPR presents.
If your business is ready to get GDPR compliant, chat to us about how we can help today.