INSIGHT
you ’ re leaving your organisation open to enforcement action that can damage both public reputation and bank balance .”
Key regulatory changes presented by the GDPR Some of the most notable changes to current regulation put forward by the GDPR include the following updates and revisions to existing measures : Extra territorial applicability – previously data protection measures were taken “ in the context of the establishment ”, which meant that if companies processed data overseas then they could not be punished for breaches in legislation . The GDPR is very clear on this matter ; if the data belongs to EU citizens , then the new legislation applies regardless of where it is processed .
Increased fines – the GDPR raises the level of financial penalty for breaches to 4 % of the annual global turnover of a company or € 20mn ( US $ 23.6mn ), whichever represents the larger amount .
Consent to data use – companies will no longer be able to use long terms and conditions full of complex legal definitions and must now present the purposes of data processing in clear and plain regional language . Equally , facilities for the withdrawal of consent must be easy and simple .
GDPR and Brexit : Business hesitation With Brexit now looming , many UK-based companies have previously been unsure of the extent to which the GDPR is likely to impact their operations .
A survey conducted by Crown Information Management services in March 2017 reported that at the time 24 % of businesses had ceased making provisions for implementing the regulations , with tech and data handling companies making up 44 % of this percentile .
Official UK Government statement On 21 June , the UK Government put an end to the suspense and revealed its intentions to press ahead and bring the GDPR into domestic law . This was confirmed in the Queen ’ s speech , which looked at the role data plays in commerce , with the following statement noting : “ Over 70 % of all
18 December 2017