The General Data Protection Regulations (GDPR) comes into effect in May 2018 and will ensure tighter governance of the gathering and storage of personal customer data. The changes will have major implications for businesses operating in Europe.
But with under 10% of multinational business leaders citing regulatory change as a top concern according to our Autumn 2017 Risk and Confidence survey, it seems many businesses could be unprepared and at risk of fines of 20 Million Euros or 4% annual turnover for noncompliance from May 2018.
Also concerning is that whilst businesses need to be preparing for GDPR now in order to be ready in time for when the legislation comes into effect, only 8% of businesses are currently worried about compliance risk.
To help your client’s prepare for GDPR we have put together some expert tips from Nick Graf, our Consulting Director of Information Security at CNA.
These tips have been broken down into action points that can be reviewed and used to judge GDPR readiness in any business. GDPR will mean continuous data protection and it is vital for businesses to start making cultural changes for staff as well as system updates before the deadline on 25th May 2018. Whilst this may prove challenging it is important to reinforce the positives of GDPR, and how businesses could potentially benefit from improved customer relationships from increased transparency and trust that the changes will bring.
How to prepare for the GDPR changes