British Businesses Are Unaware Of Data Protection Laws

Almost two-thirds of British businesses are unaware they could face fines of up to €20million with the introduction of new data protection laws, according to a survey done by YouGov for national law firm Irwin Mitchell.

The survey asked 2,129 businesses if they had heard about new General Data Protection Regulation (GDPR) rules, with 62% saying they had not.

At the moment, UK businesses can be fined up to £500,000 for infringing data protection laws. However, this upper limit is

However, this upper limit is due to skyrocket to €20million or 4% of a company's global turnover, as of 25th May 2018. The report said it was "striking and concerning" that, although some businesses said they were aware of the upcoming changes, very few were aware of just how high the new fines could be.

Smaller businesses were least aware and so most at risk of being hit with large fines: only 22% said they had heard of the rules, compared to 43% of medium-sized and 56% of large businesses.
 
Other key findings:

  • Only 57% of financial services companies knew about the changes, with media and marketing companies towards the bottom of the list, at 38%.
  • When asked about the possible impacts of these new fines, almost a fifth of the businesses surveyed said they would go out of business.
  • Almost a quarter said they thought it was unlikely or very unlikely that they would even be aware of a data breach if one occurred.

Although the new laws are being enforced from Brussels, Brexit won't exempt British businesses from the changes: "It's important to understand that Brexit does not mean that GDPR compliance efforts can stop. The government has made it clear that GDPR will be the law in the UK both before and after Brexit," said Daniel Hedley, a partner at Irwin Mitchell.

"Any businesses that have put their compliance efforts on hold following the referendum result should restart them immediately," he said.

There were a record number of fines in the UK for data breaches in 2016: the number of fines almost doubled in 2016 to 35, totaling £3.2million, up from £541,000 in 2011. Both the number and value of fines are predicted to rise after the new rules are implemented in 2018.

The new rules will force businesses to be more transparent about how customer data is collected and stored, and all data breaches will have to be reported to regulator the Information Commissioner's Office within three days.

Business Insider:

You Might also Read:

GDPR Guidance For May 2018:

Three Ways To Prepare Your Business For GDPR:

The GDPR Effect On Brexit:

 

« Find Your Digital Risk
Ukraine Accuses Russia Of Ransomware Attack »

CyberSecurity Jobsite
Check Point

Directory of Suppliers

The PC Support Group

The PC Support Group

A partnership with The PC Support Group delivers improved productivity, reduced costs and protects your business through exceptional IT, telecoms and cybersecurity services.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

Tines

Tines

The Tines security automation platform helps security teams automate manual tasks, making them more effective and efficient.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

Leibniz-Rechenzentrum (LRZ)

Leibniz-Rechenzentrum (LRZ)

The LRZ supports ground-breaking research and teaching in a wide range of scientific disciplines including information security and data protection.

PhishX

PhishX

PhishX is a SaaS platform for security awareness that simulates Cyberthreats, train people, while measure and analysis results, reducing Cybersecurity risks for People and Companies.

Department of Justice & Equality - Cybercrime Division - Ireland

Department of Justice & Equality - Cybercrime Division - Ireland

The Cybercrime division is responsible for developing policy in relation to the criminal activity and coordinating a range of different cyber initiatives at national and international level.

MythX

MythX

MythX is the premier security analysis service for Ethereum smart contracts.

Cyber Security Africa

Cyber Security Africa

Cyber Security Africa is a full-service Information Security Consulting firm offering a comprehensive range of Services and Products to help organizations protect their valuable assets.

Thoma Bravo

Thoma Bravo

Thoma Bravo is a leading private equity firm with a 40+ year history and a focus on investing in software and technology companies.

US Marine Corps Forces Cyberspace Command (MARFORCYBER)

US Marine Corps Forces Cyberspace Command (MARFORCYBER)

US Marine Corps Forces Cyberspace Command (MARFORCYBER) conducts full spectrum military cyberspace operations in order to enable freedom of action in cyberspace and deny the same to the adversary.

Gotham Digital Science (GDS)

Gotham Digital Science (GDS)

Gotham Digital Science is an international security services company specializing in Application and Network Infrastructure security, and Information Security Risk Management.

CyberQP

CyberQP

CyberQP (formerly Quickpass Cybersecurity) provide Privileged Access Management built for MSPs. Our system is designed to reduce ransomware and social engineering attack risks.

Mirai Security

Mirai Security

Mirai Security are a cyber security company that specializes in Governance, Risk Management and Compliance, Cloud Security and Application Security.

Aunalytics

Aunalytics

Aunalytics is a data platform company that delivers insights as a service to answer your most important IT and business questions.

CommandK

CommandK

CommandK provides companies with infrastructure to protect their sensitive data. Built-in solutions to prevent data-leaks and simplify governance.

MiC Talent Solutions

MiC Talent Solutions

MiC Talent Solutions provides recruiting, direct hire, augmented staff, and professional service contracting solutions for organizations searching for minority cybersecurity talent.

Verastel

Verastel

Specializing in the niche space of proactive cyber-defense, and adaptive resilience, team Verastel is bolstering enterprise digital security like never before.

Ampsight

Ampsight

Ampsight specializes in enabling cloud integration, securing data, and navigating complications that drive critical-mission success.

Merlin Ventures

Merlin Ventures

Merlin Ventures is a strategic investor focused on driving growth and value for cybersecurity software companies with market-leading potential.