Source: Pixabay
May 2018 could change the face of the digital ecosystem that companies operate in with the introduction of GDPR (General Data Protection Legislation), tougher rulings on data protection and how companies should aim to protect personal data. Not only will customers have more control over how their data is being used, with the onus being on opting in for marketing communications rather than opting out, corporations will be fined heavily ? at least 4% of annual turnover ? should they breach the legislation. The ruling also brings in quicker reporting times for any data breaches, which allowed companies time before the general public were made aware of a data hack.
As such, BM Magazine reports that 64% of CIOs are hiring permanent staff in order to handle the growing workload that GDPR will create for businesses. While data breaches are on the radar of around 74% of companies, only 33% have a formal policy and 11% a fallback strategy should there be a data hack. While GDPR didn’t create data breaches, the impending policies have helped businesses open their eyes to potential attacks ? such as the March 2017 breach that affected over 26million patients’ private data.
GDPR is indeed an extremely complex piece of legislation, and each article should be carefully considered by a business in order to fully understand any ramifications should the laws not be followed adequately. For example, GDPR Article 32 refers to the matching of data security to the level of risk presented in processing the personal data. Strategies will need to be in place and work will need to be undertaken to ensure all company policies regarding personal data are up to code. The stress on a company ? especially a fairly big one ? will result in having to hire competent staff in order to ensure the GDPR is being followed adequately. Each article outlines key facets of the policy and each will need to be analysed and amalgamated into current business practices, and probably require brand new formal procedures.
Source: Pixabay
The need for ambassadors to come into businesses with an in-depth knowledge of GDPR is crucial ? as less than 10% of SME CEOs feel they are adequately prepared for the change in data laws. Coupled with this is the stresses placed on business with the triggering of Article 50 ? which sees the UK departing the European Union and attempting to negotiate trade deals and its new laws. Compliance with GDPR will still be mandatory should the UK fully exit the European Union, which previously controlled sensitive data with the Data Protection Directive. However, the economic uncertainty that is expected in the lead-up ? and after ? the official UK exit from the EU may also impact businesses hiring new staff, especially the staff needed to undertake GDPR duties.
While GDPR is fast approaching, UK businesses will definitely be feeling the impact in preparation. The current business environment may be difficult to manage, but having a clear plan in place ? and someone qualified to help enact it ? will ensure that GDPR runs smoothly.
