GDPR: Is Your Small Business Ready For New Rules And Regulations?

GDPR: Is Your Small Business Ready For New Rules And Regulations?

With just over eight months until the EU General Data Protection Regulation (GDPR) is introduced, businesses need to ensure they are compliant, or risk facing significant fines.

 

Why the change?

The new rules are being introduced to create a uniform set of data protection rules for all EU member states, and all organisations trading in the EU. Despite the UK’s decision to leave the EU, the government has confirmed this will not affect the introduction of the GDPR, and all businesses must be compliant. Cyber insurance providers, Cyberguru, can help advise you of these changes and how they will impact your business.

 

What are the consequences?

By the 25th May 2018, all businesses need to ensure they are abiding to the new rules; especially if the organisation uses prospect data as part of its sales pipeline.

If your business fails to meet the new regulations and does not provide adequate cyber protection to customers, you could receive detrimental fines of up to:

1)      €10 million or 2% of annual turnover – whichever is higher – for not properly storing customer records, not notifying the supervising authority about a data breach, or for not conducting impact assessments.

2)      Or €20 million or 4% of annual turnover – whichever is higher – for violating basic data security principles or violating consumer consent.

 

 

To assess how prepared your business is for the GDPR, you can complete this five-step assessment from the Information Commissioners Office.

 

For more information on how to prepare for the changing regulations and how to protect your business with cyber insurance, contact Cyberguru today for your free cyber insurance liability quote.

Related Articles

9 Albany Park, Cabot Lane, Poole, Dorset, BH17 7BX
t. +44 (0)330 1240730
e. This email address is being protected from spambots. You need JavaScript enabled to view it.

© Insync Insurance Solutions Ltd 2016 All rights reserved. Cyberguru is a trading style of Insync Insurance Solutions Ltd which is authorised & regulated by the Financial Conduct Authority where our reference number is 766691. Our registered office is Midland House, 2 Poole Road, Bournemouth, Dorset BH2 5QY and we are registered in England under company number 08810662. Should you have cause to complain, and you are not satisfied with our response to your complaint, you may be able to refer it to the Financial Ombudsman Service, which can be contacted as follows: The Financial Ombudsman Service Exchange Tower, London, E14 9SR | Tel: 0800 023 4567 or 0300 123 9 123 | www.financial-ombudsman.org.uk | Terms of Business