Is your small business one of the 33%?
In May this year, the General Data Protection Regulation (GDPR) will come into effect. GDPR will set new standards in protecting personal data, and ensuring compliance with the requirements will be tough. The aim of GDPR is to further protect personal data and is inclusive of a wide range of data including IP addresses and information from cookies. Small business owners in particular are worried that they may not be able to manage the changes.
Ensuring GDPR readiness will require a level of awareness and understanding but small business may have a problem as many are unprepared for the changes. The latest statistics suggest that as many as 33% of businesses have not even started the preparation process. Slightly more than a third are in the early stages of compliance and just 8% claim they are GDPR ready. Financial firms appear to be the most organised whilst the arts, entertainment and hospitality industries are struggling the most. Many small business owners still feel clueless as to what is required.
Why it pays to get it sorted now
Unfortunately, non-compliance is set to be costly. Small business owners who cannot provide the relevant policies and procedures may be subject to regular audits and fines. Serious breaches will carry penalties of up to €20,000,000 or 4% of the annual turnover of their business.
The take home message is to spend time understanding the requirements of GDPR now in order to safeguard your small business when the regulation comes into force. If necessary, seek professional guidance and then write the policies, train your staff and clearly document that you have completed all of the above.
If you’re ready to take the next step in exploring the potential for your business? Then contact me and we can talk.
Paul Strachan M. 07793 447961 T. 01307 460667 E. email@example.com