Did you know that all business owners are now solely responsible for the security of clients data? As you are probably aware large multinationals such as Talk Talk, HSBC, Sky TV, Ashley Madison and Uber have recently come under fire due to major data security breaches.
How secure is your companies data and why should you worry?
There’s a little more to data protection than ensuring your business server is kept in a locked room over night. Have you thought about your cloud based systems? What about all your business emails and your finance software and what about the all the paperwork sprawled around the office?
At present, data protection is regulated by the Data Protection Act 1998, which is very dated. However, within the next two years the New EU General Data Protection Regulation (GDPR) will come into force. This will be a landmark moment in data protection and privacy not only in Europe but all around the world.
The new regulation will apply to anyone collecting EU citizen data and enforce the following changes to the way data is stored and handled within a business environment.
• Businesses will soon be required to self-report all data privacy breaches no matter how small they are
• Businesses will soon need to appoint an independent Data Protection Officer to oversee the business setup
• All data stored within a business environment must be kept up to date and stored for the minimum amount of time after which it must be destroyed.
• Business must demonstrate compliance with the new GDPR law as soon as it’s made official
• Businesses must soon get permission to hold clients data within their business setup.
However, the new regulation, if not adhered to, carries a much larger financial punishment than the previous of up to 4% of annual global turnover – It is said that Talk Talk is predicted to be fined up to £35 million for their recent data security breach.
To find out more about the new EU General Data Protection Regulation and how to improve your IT security please email rob.young@infinity.uk.com or call: 01892 577001
