Is your business ready for GDPR?

GDPR
According to research by Close Brothers, up to 30 per cent of UK businesses are still uncertain what they need to do to be compliant with GDPR. The new data protection rules, which are due to come into force at the end of May, are designed to keep personal data more secure and companies may face heavy penalties if they do not comply with criteria.

What is GDPR?

The General Data Protection Regulation is a piece of EU legislation which will replace the 1998 Data Protection Act in the UK. The new data protection rules aim to improve data privacy laws and give individuals more protection, rights and control regarding how companies use their data in the internet age.

From 25 May, companies must be able to clearly show that a person has given specific consent for their data to be used. Among other things, companies must also inform an individual if they gather data about them, be able to provide a copy of the personal data they hold on an individual, and delete personal data if requested to do so by an individual.

How will GDPR impact businesses?

GDPR is likely to effect businesses in several ways because companies will be more accountable for how they handle individuals’ data. This may mean that you need to rethink how you market your products, guarantee you’re not keeping unnecessary data, or ensure that you have reporting capabilities.

When asked about the impact of GDPR on their business, 15 per cent of companies said that they expect GDPR to significantly affect the way they conduct their business, while almost a third said that the new regulations will change the way they work. A further 29 per cent said that while GDPR would have no direct impact on them, they would be more careful handling data going forward.

Are you aware of the General Data Protection Regulations?

Some businesses showed good awareness of GDPR: nearly a quarter of companies said that they had acted to ensure they were compliant with new regulations. However, in comparison, 21 per cent said they were uncertain what they needed to do to become compliant, and 16 per cent did not know what GDPR was.

It is important to make sure you are aware of how GDPR will affect your business and prepare accordingly. If your company does not process a person’s data in the correct way, you may incur a fine. Find out more on the Information Commissioner’s Office website.