A recent news article from the BBC, titled “Could new data laws end up bankrupting your company?” was clearly titled to shock business owners across the UK. As compliance specialists, we’re well-versed with the upcoming GDPR guidelines, yet it still sent a little shiver down our spines.
However, this fear-mongering does have its reasons: GDPR is big. It’s coming and it will affect you if you store any data about any EU citizen. No longer can you just have data stored, you need to jump through quite a through hoops to comply; showing how you got the data, where it’s going and processes for ensuring protection are just a few things you will need to prove.
As the BBC put it: “Accountability is the new watchword.”
And with GDPR, accountability is about to get a whole lot more expensive – 20 million euros more expensive. That’s right. By not complying to GDPR, companies of any size could see fines of up to 20 million euros or 4% of global turnover – whichever is highest!
GDPR will cover all manner of business and marketing processes for companies. From initial data collection and where and when you use it, to printing software and logistics, you will have to ensure all aspects are fully compliant.