gdpr effects on business

New EU data regulation laws have been finalised and will be implemented in May 2018. The change highlights the government’s initiative to strengthen data protection policy in order to mitigate the threats of doing business in the cyber space. You’re probably wondering what the significance of GDPR is and whether it will actually affect your business so we’re going to break it down for you.

What Is GDPR Going to Change?

The new law requires that from May 2018, any business that operates in the EU or handles the personal data of people that reside in the EU must implement a strong data protection policy to protect this client data. It is the EU’s way of giving customers more power over their data and less power to organisations that collect and use such data for monetary gain. If your business doesn’t meet the new standard you could face a heavy fine and businesses that suffer from a data breach without having adequate measures in place will suffer the same hit.

Why Have They Changed It?

As the internet and technology has become such an integral part of the way we do business in the modern world, the cyber space has become more unsafe to work in and our risk of data breaches has dramatically increased. Just as technology evolves, cyber hackers have more advanced and intelligent tools at their disposal, hacking into private systems with a level of skill that is unprecedented. The current Data Protection Act was enacted in 1998 and is completely inadequate to deal with the problems that businesses now face in 2017.

The new law signifies the government’s way of countering the ever-increasing cyber threat. It forces companies to take data protection seriously, take responsibility for their security strategies and prioritise protecting the data of their clients. In the age of hacking and cyber attacks, the change could not have been more apt.

How Do I Secure My Business?

Regardless of the Brexit outcome, every business that trades in the EU or has clients based in the EU will have to comply with the law. When the law is implemented, companies will have to tell customers why they want their data and how they’re going to use it. It prioritises customer consent by making it mandatory for customers to clearly give permission for their data to be used as well as the option to withdraw this permission at any point. If your business suffers from a breach, you will have to report it to data protection authorities within 72 hours and contact clients directly.
The law comes into effect in May 2018 but businesses have to act now in order to prepare for it. Our training course RESILIA provides businesses with a robust, strong and effective data protection strategy that meets governmental requirements. Don’t risk the fine, protect your customer data and protect your business by making your staff RESILIA certified –  contact us now for more information.