Risks from non-compliance
There are Financial risks
But there is a lot of scaremongering going on around the potential fines for GDPR non-compliance.
Maximum – 4% of global annual turnover / Euro 20m
Minimum – 2% of global annual turnover / Euro 10m
Guidance on these penalties from the Information Commissioner’s Office (ICO), suggest that these fines will be a last resort.
There is reputational risk.
Most professionals believe that reputational damage is going to be the main risk to organisations in the future.
Data Protection will become more important to individuals as they become more aware of their rights; expect those to be exercised.
There is operational risk.
The ICO has the powers to:
• Stop you processing data – this could mean cessation of business operations.
• Insist on corrective actions, e.g. staff training, operational changes.
• Instigate criminal proceedings.
(See our ‘News’ feed for some examples.)
Some organisations are embracing the regulations and are looking for benefits:
– Better ways to drive efficiencies – assess data capture, storage and organisation needs.
– Build trust with customers and staff with positive safe guarding messages.
– Get ahead of the competition – take action and communicate it.
– Changing attitudes – understanding data compliance can save money.
Let us help you reduce the risks to your business – contact us today!
Be Data Smart. Be Compliant.
Data Protection is here to stay.