Three Quarters of UK Businesses are Ready For GDPR, Are You?

13th February 2018.

Despite Brexit, business optimism is high, with some organisations spending up to £3.5 million on becoming compliant with the new data regulation.

Finally some positive news for the business community, with high numbers of UK businesses finally looking ahead to the upcoming GDPR deadline on May 25th. According to new data from the software company, EfficientIP, 72 percent of businesses are “confidently prepared” for GDPR. The new EU legislation will change the game for many businesses across the country, and with just 100 days to go, it is wise to prepare early.

Here at the Credit Protection Association, we braced ourselves early for the new change. Financial services will be greatly affected, particularly those within the debt management industry, as issues over consent will force a shift in business concepts.

According to the research, a quarter has spent up to £3.5 million to become compliant. Two-thirds feel GDPR will help improve the levels of their security, and a third believe it will help them hire new talent.

With technology progressing at a fast pace, it has made it easier for criminals to take advantage. According to EfficientIP, in 2017, more than three-quarters of organisations suffered an average of four attacks.

Experts see GDPR changing all that.

General Data Protection Regulation is set to come into force on May 25, 2018. It will regulate how businesses gather, store, secure and share personal data on EU citizens. Those businesses that fail to comply with the rules of the GDPR face huge fines, going up to €20 million.

Keeping your data protected means keeping your employees and your customers protected. If your business suffers a data breach it puts your business and everyone involved in danger as well. The new GDPR legislation aims to protect businesses from fraud while protecting customers from businesses. Customers will have the power to take control over their own data and have the power to erase it if they wish. This will have an inevitable impact on debt and credit management companies, who handle financial histories and bank statements to help business owners and consumers out of financial difficulty. Nonetheless, there is no use sticking your head in the sand, and waiting for the deadline to pass. It must be faced, and proper preparations should be put in place.

Here at the Credit Protection Association, we have slowly been preparing for the GDPR deadline for a while. We researched and wrote a blog concerning the new EU legislation, and we recently hired a GDPR adviser to aid the transition. We encourage our members to follow our lead and to follow the proper protocols to protect your business and its workers.

Particularly for credit managers and their employees, it will affect you the most, so you must be prepared.