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ShareUpdate: Could new data protection rules mean the end of SMEs

The General Data Protection Regulation (GDPR) – the new data protection law that applies to every organisation that handles the data of European citizens – has now entered the two year grace period for businesses to comply. This means that all firms from one-man-bands to multinational corporations are working against the clock to ensure that they’re compliant with the new rules by Friday 25th May 2018. As we discussed in our previous post, failure to adhere to the rules laid out by the GDPR could be extremely costly – with bankruptcy a very real threat.

To ensure compliance there are a few things you need to do:

  1. Assess how you collect and process user data now, along with established data protection practices;
  2. Research what the requirements of GDPR are;
  3. Analyse what gaps you need to fill to become compliant

Given the cost of non-compliance (brand damage & loss of trust as well as the financial implications), and the breadth of changes likely to be needed it’s crucial for GDPR to be a priority for your business, at board level and throughout, now.

Have your say!

Are you already making headway with your preparations to comply with GDPR or are you none the wiser as to what you’ll be expected to do? Let us know by leaving a comment below.

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