The General Data Protection Regulation (GDPR) is a hot topic for businesses, and a regulation that needs to be prepared for in advance.
Earlier this year it was reported that nearly a quarter of UK small businesses have not yet begun to prepare for the EU’s GDPR. And according to our own research, the majority of businesses have a basic knowledge about the GDPR, yet 60% recognise that compliance is one of a number of key priorities at this time.
The new data protection regulation, which comes into force on 25 May 2018, will affect how all UK and EU businesses use customer data. Those who do not comply with the GDPR directive could face a heavy maximum fine of 4% turnover or €20 million (approximately £17m), whichever is the greater – a considerable increase from the former maximum fine of £500,000.
One of the steps you can take to avoid such fines, and as part of your preparation for the GDPR, is to designate a member of your team who will be responsible for data protection compliance.
However, more than 50% of businesses envisage dedicating staff time in order to comply as a challenge. And 45% do not have the staff with the necessary skills and knowledge to ensure that their business meets the requirements of the GDPR.
This is where Business West can help. We have launched a dedicated GDPR hub which provides access to a wide range of useful resources and events, so you can start preparing your team, or an elected GDPR representative, in time for the regulation.
In addition to this we can also help answer any questions you may have about the GDPR and provide further information about how it will affect your business when you register your interest.
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