Now is not the time to ignore GDPR!
We have reported over the last couple of months that the new EU Data Protection Regulation, due for launch in May 2018, will result in a major change in how organisations can obtain, use and store customer data with potentially severe penalties for those that fail to comply.
Despite this, recent research suggests that most UK workers are not aware of GDPR or its potential impact on the way they work.
Cloud firm Netskope report that 70% of workers (2,000 surveyed) said they have not been told about GDPR and only 20% of workers believe they have been provided with a good level of information about the new legislation.
In a separate report, Capgemini’s Digital Transformation Institute surveyed both consumers and senior data professionals to establish if retail banks are a safe pair of hands when it comes to customer data. The somewhat shocking results show that whilst 83% of consumers consider banks and insurance companies to be trustworthy when it comes to the handling of their personal data, when asked, just 21% of the senior executives in those organisations are highly confident they can detect a cybersecurity breach.
Furthermore, just 29% consider that they have both strong data privacy policies and sound security frameworks in place.
With fines increasing to a maximum of €20m and the new legislation requiring reporting of all data breaches within 72 hours of the incident, the picture does not look positive.
This is just one part of the equation for failure however, with Capgemini reporting that 74% of consumers would switch their bank or insurer in the event of a breach.
The best way to ensure compliance and not fall foul of the new laws, and indeed the loss of customer confidence and patronage, is to make a start now.
May 2018 might seem a long way off but we all know how quickly time moves in business.
Start by reviewing your current arrangements for data protection and get yourself up to speed on the new requirements and how you can ensure you meet these standards.
You could of course read up on the regulation through your own research such as the Information Commissioner’s Office website or you could attend one of our range of training courses to help you, and your staff, understand the regulations and help you identify what your organisation needs to put in place.
You can view our range of Certified EU Data Protection Regulation (GDPR) courses by using the link below:
Don’t delay, get yourself protected today!