The European Union's General Data Protection Regulation (GDPR) comes into force in May 2018, radically changing the way organisations have to look after our personal data. Failure to comply could lead to huge fines, yet many businesses are far from ready. Here's why you should care.
- Non-compliance with the GDPR could lead to huge fines of 20 million euros or 4% of global turnover, whichever is the greater. For a company like tech giant Apple, that could amount to billions of dollars.
- Consult Hyperion, an electronic financial transactions specialist, forecasts that European financial institutions could face fines totalling 4.7bn euros (£4.1bn; $5.3bn) in the first three years following the GDPR coming into force. To read the full BBC article, click here
Mark Edwards, Managing Director of CNS, said: “Data security is extremely important in efforts to keep Welsh businesses safe from cyber threats. As these threats evolve and become more sophisticated, new regulations will be vital to combat this issue and we welcome the introduction of GDPR. Welsh Businesses need to ensure that they comply and play their part in keeping customer data safe and secure.”
Capital Network Solutions offers consultancy on becoming GDPR compliant, and can help implement standards such as IASME which now includes an assessment against the key controls of GDPR.