BHIB Insurance Brokers is reminding local firms to ensure they are prepared for the EU General Data Protection Regulation (GDPR) to avoid potentially hefty fines.
The EU GDPR comes into force in the UK in May 2018 and is anticipated to have a significant impact on UK businesses. The GDPR is a replacement for the Data Protection Act 1998, and will apply to all organisations that process, handle and store any personal data of EU residents.
These new regulations will require businesses to obtain consent for all data collected from individuals, and provide clear and comprehensive privacy notices to help these individuals understand what they are opting into. Firms of all sizes who have access to any individual’s personal data will be required to protect it appropriately.
The UK government has confirmed that the decision to leave the EU will not affect organisations’ need to comply.
Andy Hall, BHIB Cyber Specialist, said: “The new GDPR regulations will have a significant impact on small businesses, so they must prepare now to avoid fines. There is still time to get their data protection in order, so they are a compliant business when GDPR goes live in May.
“Any small business that processes data for a client firm may have to demonstrate they have proper data-processing controls in place and that they comply with the GDPR.”
Andy discusses cyber trends of the past 12 months and anticipates what may be in store in his recent blog article which you can read at bit.ly/BHIBCyber
To learn more, speak to BHIB on 0330 024 0606 or visit www.bhibinsurance.co.uk