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Ticking time bomb for businesses!

In the last few years we have heard much about the power of big data. It allows brands and organisations to offer more tailored, targeted and personalised products and services. There are both benefits and ethical questions to who gets to see our personal data.

If businesses ignore this law, they can be fined up to €20m or 4% of their global annual turnover

So, data laws needed to change and they have. New legislation has been around for 18 months and in 6 months, this will be enforced with big fines!

Infotech Bury has created a simple guide for those who want to know more about what these new regulations are, and what the impact is likely to be.

May 2018 will see the enforcement of penalties for failure to encrypt business data on computers, external devices etc.

In short, legislation came into effect in 2016 with a 2-year window of flexibility in administering fines for small businesses. Many public-sector institutions have already been caught out and have been fined large sums – that may seem like a dichotomy, but this has happened! There’s a bunch of news articles you can read on our blog to inform you.

What is GDPR?
On 25 May 2018, the General Data Protection Regulation (GDPR) will be enforced across Europe, including the UK. This law aims to give citizens more control over their data and to create a uniformity of rules to enforce across the continent.

Why should businesses care about GDPR?
Although this law comes from the EU, it will have a global impact. It will affect any business holding personal data on customers, prospects or employees based within the EU, and such businesses need to be preparing for the change right now. If businesses ignore this law, they can be fined up to €20m or 4% of their global annual turnover!

Giant fines aside, it’s worth remembering that data protection is more than a compliance issue. Customers care about their privacy and expect businesses to respect that. It’s good business sense to demonstrate that you ‘get’ this cultural aspect, as well as the financial one.

Businesses owners can contact Infotech Bury on 0161 705 1342 for more information.
www.infotech-bury.co.uk/business-support

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