In May 2018, The European Union’s General Data Protection Regulation (GDPR) comes into force. This will dramatically change the way organisations look after customer’s personal data. There are huge fines put into place if this legislation is breached, which could affect the future of a business.
The new law will ensure that all companies who collect personal data will have to prove that consent was given by the customer. They will also have to show where the data is going, how it is being protected and what it is being used for. Making sure every piece of information is being accounted for.
Another element to this new law is if a company’s data gets stolen after a cyber-attack and personal data has been stolen. Then that company has to report this within 72 hours after realising it. Personal data now includes computers IP address, or your genetic make-up, which is any information which can identify you in any way.
How will it affect businesses?
If this is breached, then companies could face fines of up to £20million, which could affect the overall business.
This new law will be better for consumer’s peace of mind, as they know exactly how their personal information is being used. We can already see what information companies have on us, however, this will allow us to delve deeper into the company’s profile on us. We can make a ‘subject to access request’ for free to see what information any company has on us, (even our doctors).
Businesses need to be aware of how much this will affect them, and therefore, start to plan out how to tackle this new legislation. As on average it will take 12-15months for businesses to prepare for this new law.
We offer cyber liability insurance for your business if you unfortunately get hacked, this will help your business cover the majority of the costs. For more information on cyber liability.