28th May 2018
We share our dedicated service to help businesses navigate the ongoing audit process of compliance.
Did your business fully prepare for GDPR complaince and make sure that it has taken the steps companies have to take to comply?
The new EU General Data Protection Regulations (GDPR) signify the most radical and sweeping changes to data protection for twenty years. This legislation represents a single law that will replace the 28 that are currently in place across the separate European countries.
Penalties for non-compliance are fierce, with a maximum of €20million or 4% of annual turnover, whichever is greater. Fines of this size, on top of the costs of data recovery and reputational damage, could write a business off for good.
The right to compensation
Assuming slack policing of the new regulations is a mistake. According to Article 77 of the GDPR: “Any person who has suffered material or immaterial damage as a result of an infringement of the Regulation shall have the right to receive compensation from the controller or processor for the damage suffered.”
This means that any individual who has suffered due to their data being compromised while it was being stored on or passing through your networks can bring a case against your company.
It could only take one complaint to put your business under investigation or lead to those hefty fines that all businesses will want to avoid.
The Sovereign solution
Making sure you are GDPR compliant is not a quick, simple or one-off process. It is this complexity that is pushing business leaders’ heads under the sand.
The issue, however, is not going to pass by or vanish; it is simply too important to ignore. Demonstrating that you have taken every reasonable precaution to protect personal data is the only way to avoid penalties.
We previously devised a clear road map to help businesses prepare for May 2018. This can stil be used as a checklist to review your current position. Included are six steps that all businesses need to follow, outlining key tasks and processes that should be implemented at every stage.
If you would rather speak to one of our team and discuss any concerns you have, please contact us on 020 8216 3333.
