How you could save your company £40,000 next year

How you could save your company £40,000 next year
08/05/2017

How you could save your company £40,000 next year

By Sean

The 1998 Data Protection Act is set to be replaced.

The law that was originally put in effect to protect personal data stored on computers or in an organised paper filing system has been deemed outdated due to vast technological advancements.

These developments have paved the way for the new EU General Data Protection Regulation (GDPR) which is set to come into force as of May next year.

It coincides with the government’s plans to invest £2bn on the issue of cyber-security and will be enforced prior to the UK’s departure from the European Union.

So, what does all of this mean for businesses?

GDPR will require businesses to comply with regulations surrounding how data should be processed, managed and stored.

This means that failure to report breaches will incur a financial penalty of 4% of overall turnover. A company that turns over £1m would therefore have to pay a penalty of £40,000.

With the Information Commissioner’s Office no longer being funded by the government, there is now a hefty payroll to meet which means that enforcement fines are expected to be actioned with greater regularity.

What can businesses do?

RDS Global – an IT Solutions company based in Friar Gate – are looking to help prevent businesses in Derby from being imposed with financial penalties.

Their specialised audit provides a review of all aspects of a businesses’ processes and procedures from the perspective of data protection.

What’s more, RDS want to ensure that all businesses, big and small, are up-to-date and prepared ahead of the upcoming GDPR changes.

In the past, companies like Cancer Research UK, Battersea Dogs and Oxfam have all been fined for breaches of data protection.

Honda Motor Europe and Flybe have also hit the headlines for the same reason.

Any business with more than five members now needs to achieve the Cyber Essentials certification before the new regulations come into effect.

RDS’s framework brings businesses up to a level of security and awareness around data protection that would bring a company in line with the government’s vision for a secure digital future.
Story originally posted at http://www.derbytelegraph.co.uk/how-you-could-save-your-company-40-000-next-year/story-30312482-detail/story.html

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