Are you prepared for the changing data laws?

Experts are urging small businesses to familiarise themselves with the upcoming changes in data protection, following results revealing more than half of SMEs have no idea what they need to do for the new GDPR. Research by Collyer Bristow showed that bigger businesses are more aware of how the changes could affect them, but even senior management are still struggling to come to terms with the General Data Projection Regulation.

55% of small British businesses remain unaware of the changes to come despite the changes coming into place in half a year, according to the firm. With maximum fines raised to up to €20 million (around £17 million) or 4% of a company’s worldwide turnover, 18% of businesses said they would be at risk of going insolvent if they were forced to pay.

The new GDPR makes a significant tightening of data protection compliance regulation and comes into force on 25 May 2018. It harmonises data protection rules across the European Union and applies to all organisations collecting personal data. Lack of knowledge of the GDPR across all businesses is still high, with over a quarter of senior decision-makers at all UK businesses not familiar with the upcoming changes.

“It cannot be overstated just how far reaching a change the GDPR will be to the data protection landscape in the UK,” warned Patrick Wheeler, Partner and Head of Intellectual Property and Data Protection at Collyer Bristow. “It impacts any business that deals with personal data – no matter how small.”

20% of businesses have still taken no steps to prepare for the GDPR, while 34% of businesses have no plans to perform a data risk assessment in 2017, according to these findings.

“The good news is that businesses still have time to get their data protection in order, so long as they act quickly,” he continued. “A business that starts working on this today can be a compliant business on day one of the GDPR.”

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