Europe’s new data protection laws come into force in just seven months, and businesses across the UK are waking up to the fact that the clock is ticking.
Since the last set of data protection regulations were introduced in the 1990s, the amount of data we create and capture has dramatically increased, driven by the extraordinary advances across the digital realm.
The new General Data Protection Regulation (GDPR) laws are designed to better regulate the way this data is stored, giving greater protection to individuals by limiting the ways that businesses, charities and organisations are able to collect and use personal information.
The rules come into force in May 2018, yet many companies are unprepared for the changes. To help shed some light on the issue, we were delighted to welcome award-winning financial journalist, author and broadcaster Anthony Hilton to our offices for a breakfast workshop.
Anthony, a former city editor and managing director at The Evening Standard, led an absorbing 45-minute session into GDPR, describing the new rules as a ‘game changer’.
He explained that, from May next year, individuals will have to give explicit consent for their data to be held – silence does not count as consent. If a breach in data is discovered, companies have 72 hours to report it. Failure to comply can result in huge fines of up to £20 million or 4 per cent of a business’s turnover.
During the workshop, Anthony also outlined the reforms contained in the MiFID II directive, designed to offer greater transparency in financial markets. Effective from January 2018, MiFID II represents another fundamental change for the trading sector.
With so much reform on the horizon, businesses are investigating technology and software updates to help ensure compliance, and take advantage of the market opportunities that can result.
Here at Fitzrovia IT, we are busy helping our clients implement reforms in time for next year’s deadlines. If your business would like to discuss the changes with us, and discover how we can help, don’t hesitate to get in touch either via our contact form or by calling us on 020 3727 6021.