How to save your company £17M… potentially.
From speaking to businesses lately we have found that even with plenty of guidance, trying to deal with the changes the GDPR will bring are still very daunting and worrying.
Where do you start? Who do you need to train? How do I prove I am being compliant? What do I do if I fall victim of cyber crime and customer data gets leaked?
We have established that people want to be able talk to actual people about where to turn and what to do. There is a wealth of information available at the ICO website including a very handy guide 12 Steps to preparing for the GDPR (as pictured above).
Video from the ICO
Following conversations with a number of councils, chambers of commerce and ERDF supported growth programmes like Boost, HM Network have teamed up with some key professionals in a number of specialist fields, to help share knowledge. To provide support for businesses who need help making the necessary changes to how they work, and to become compliant. If need be they can even come together to provide pretty much an end to end solution to your GDPR woes.
This will affect all businesses that hold any type of personal customer / staff data that can be traced back to an individual whether B2B or B2C. Whether you market to customers or simply hold staff records this will affect you in some way. No market sector is outside the scope – some sectors are even classed as ‘sensitive’. So where do you sit?
Financial consequences are potentially huge. Data Breaches could result in fines of €10M / 2% of Global turnover or, for serious breaches, €20M / 4% of Global turnover whichever is higher.
Businesses have asked us how can the ICO impose fines of this kind of magnitude if you are an SME for example. It all depends how serious the breach is. Even if you get a small fine like the one the Video Game rentals company got recently of £60,000 it is enough to cause serious cash flow problems for a small business.
Whether you run a marketing company, store customer data on a loyalty card, have XLS spreadsheets of names and addresses it WILL affect you. Regardless of Brexit these fines the UK ICO will enforce this as GDPR standards will become part of UK Law.
See here for sector specific fines already being imposed for non compliance under current laws where the maximum fines £500,000 https://ico.org.uk/action-weve-taken/enforcement/
Some of your B2B or B2C partners may not be able to do business with you if you are non-compliant and lastly the reputational effect to customers of not treating the protection of data privacy seriously means steps must be taken. Imagine if you are found to be non compliant and a report pulblished on the ICO like shown in the paragraph above. These sorts of things would show up in search engine results and could be detrimental to your image and may potentially lose you business.
So, your questions to ask are:
● What to prepare and understand your current situation?
● Do I need a Data Protection Officer (DPO)?
● How to ensure your business becomes and stays compliant?
● Could a malicious competitor of ours use GDPR against us?
● Do we have the knowledge and resources internally? If not
● Who can help providing advice throughout the process?
Expert support is available via our extended network of specialists, covering:
• Data Connectivity and digital marketing
• The legal implications of data privacy and GDPR
• Cyber security advice (serious crime squad / cyber security specialists)
• Data Protection Audit Services, Training, GDPR processes and advice
• Data Disposal / Hardware recycling advice
We have spent a lot of time putting together this tool kit for you that may help you assess your current position. It also provides some very useful sector specific information as well as webinars. Use the button above or this link. ICO Toolkits, Webinars, Videos and Self Assessments
You are more than welcome to call us if you have any questions on 03333 444 190
or email email@example.com and we can get you talking with someone who can help.
We can help
We are holding a number of events with professional speakers covering a variety of key GDPR subjects. Watch this space for news of the next venues.