Are you ready for the GDPR?

Now that we’re in May, your business has just a year left to prepare for the General Data Protection Regulations, explains Feargal McCormack.

The GDPR rules, which come into effect on 25 May 2018, will strengthen data protection for EU citizens. They apply to any organisation that offers goods or services to EU residents or handles information about individuals based in the EU on behalf of other entities. Organisations that fail to comply with the GDPR, could incur fines of up to €20 million or four per cent of annual turnover.

Why is the GDPR important?

Every time you shop online, book a flight, visit your doctor, open a bank account, join a social networking website, you hand over vital personal information. Vast amounts of personal information is stored and processed by businesses and other organisations every day. Loss of this data is a major risk and can lead to serious financial and reputational damage.

PwC recently said they expect consumer litigation and class actions to quickly follow once GDPR goes live and noted that niche legal firms are already getting ready for the anticipated demand.

If your business is not already actively preparing for GDPR, it is essential to begin work now so as to avoid problems when the rules go live next year.

The first step is to be aware of what data your business collects and stores including data handled on your behalf by other organisations. You will need to assess how and why you collect this data, how you obtain consent, how you use the data, what controls you already have in place and what changes are necessary to comply with the GDPR.

If you are concerned about how the GDPR will impact your business, please contact a member of our team.