It may seem like it was just yesterday that we were celebrating the turn of the New Year, but the illuminating reality is that today – 25th May 2017 – marks exactly one year – just 12 short months until the GDPR (European General Data Protection Regulation) takes effect.
As we’ve preached throughout the last year, the GDPR will have serious implications for businesses and organisations should they fail to comply with the new rules on data handling and processing, not forgetting; the GDPR stretches far beyond the borders of the EU.
With a miniscule year to go, it’s now imperative that businesses and organisations are focused and devoted on getting each of their ‘ducks in a row’ in order to stay on the safe side of one of the strictest set of data protection rules that have ever been passed through parliament.
The ICO is watching you
Fast forward one year from now, regulators (such as the ICO) will have the authority to levy fines as high a €20m (or 4%) to businesses. Let’s imagine your company has been severely hit by a data security breach. What happens next?
Firstly, all data breaches must be reported to regulators within 72-hours the business becoming aware of it. Along with that, the regulator will expect to be informed of the appropriate measures taken or proposed to address the breach and mitigate its effects. Severe breaches will warrant an immediate notification to all affected customers. Will you have the answers?
Do not pass go. Pay the price.
Oh, and how could we forget? Your firm can expect to hand over their bank account details to the ICO too. With fines as high as €20m (or 4% of your company’s global turnover), some businesses are sure to come out the other-end with more than just a few scratches and bruises.
In fact, research and statistics currently shows that some businesses fear they don’t/won’t meet the requirements for GDPR, with 32% doubting their company had the right safeguarding technology, such as encryption and 18% worried that non-compliance could ultimately put their organisation out of business.
So, we can’t stress enough. Any business, of any nature, or any size – please make preparations to tackle the GDPR. If you’re unsure of where to start, talk to a team member at MFG Managed Encryption.
With the help of a team of specialist technology partners, MFG Managed Encryption offer a wide range of consultancy services, from the initial GDPR discovery (finding out your risks), to encrypting your devices, right through to gaining full GDPR compliancy with IT Governance.
You have 365 days.