What is GDPR & How Could It Affect Your Business?

WHAT IS GDPR AND HOW COULD IT IMPACT YOUR BUSINESS? The EU General Data Protection Regulation (GDPR) will be replacing the Data Protection Direction 95/46/EC on the 25th of May, 2018. These are a set of new data protection laws which will be applied to any business within the EU that provides goods and services. Recently, statistics have shown that many companies are neglecting the impact of the GDPR on their businesses, and this needs to change as soon as possible with the impending date looming over us. GDPR will provide a single set of rules on processing data in the EU, making it The new system hopes to boost consumer confidence with stronger control over their own data easier to do business and grow your company 43% of users 57% of online don't want their personal users in Britain don't feel safe sharing their personal information information to be accessible by companies WHY ARE online THE RULES CHANGING? Over half of all fraud incidents are last year in the United Old data protection rules were archaic and held back digital Kingdom were cyber-related advances in business HOW DOES THE GDPR HELP CONSUMERS? Consumers will be given the right to demand the data that businesses have on them 01 Enable consumers to Businesses will be 02 have more faith and trust 03 smarter about how they monetize data to benefit in the brands they invest in emotionally and financially consumers 04 Companies will focus on building trust and a higher level of service to support GDPR demands WHY SHOULD I BE WORRIED ABOUT MY BUSINESS? Roughly 28% of all businesses are unfamiliar with the changes presented by the GDPR GDPR can suspend your data processing if they find you do not comply with their standards Over 51% of businesses believe the regulations are too complicated for smaller businesses GDPR fines serious infringements with fines of the higher of 4% annual worldwide turnover or 20 Million EUR HOW WILL THE GDPR CHANGE BUSINESSES? You must make legal arrangements when moving data to countries that are outside of the EU or have not Companies will focus on building trust and a higher level of service to support GDPR demands been approved by EU authorities You must receive consent from your customers before you Cyber insurance companies are set to grow to protect businesses against GDPR fines can use their data You must You must inform users when there is a give customers the right to opt out of your research and security breach that affects their data marketing You must give users the right to erase the personal data you have on them You must protect the interests of your customers, especially if data is on health, race, religion, political alignment and sexual orientation Your customers must have access to the data you have collected and they also have the right to give the data you have collected to another company WILL CYBERSECURITY BE THE NEXT BIGGEST CONCERN? The GDPR is set to completely change how businesses and consumers can process data. However, cybersecurity won't be the only concern. In addition to cyber insurance, you will also need to consider employers liability insurance, professional indemnity insurance and even personal accident and sickness insurance. The GDPR is a good wake-up call to businesses that have long neglected protecting their companies, but it's also one of the biggest changes to the digital that we'll see for many years. CAUNCE O'HARA THE BUSINESS INSURANCE BROKERS Sources https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/bulletins/crimeinenglandandwales/yearendingseptember2017 https://www.prnewswire.com/news-releases/92-of-european-businesses-are-unprepared-for-gdpr-658099083.html http://www.thomascooperlaw.com/gdpr-fines-cyber-insurance/ http://ec.europa.eu/justice/smedataprotect/index_en.htm http://www.oliverwyman.com/our-expertise/insights/2017/jun/gdpr-the-battle-for-consumer-data.html http://view.ceros.com/oliver-wyman/oliver-wyman-desktop/p/11 http://www.information-age.com/will-gdpr-improve-customer-experience-consumers-123470312/ !!