Like thousands of organisations you may already know, BIG changes in data regulation is heading our way. And if you don’t, you could be in for a nasty surprise come 2018!
Let me explain. Right now we collate, process and manage customer data with the guidance of organisations such as the DMA, and governed by the well-established Data Protection Act 1998 (DPA). However, the days are numbered for the status quo, with the introduction of new Regulation (EU) 2016/679, or better known as the General Data Protection Regulations (GDPR), in May 2018. And don’t think this is some toothless euro-trash, churned out to keep some faceless EU department justified. This change in data regulation will have far-reaching consequences for your business. The GDPR will determine how your business does business, and particularly how it manages, protects and administers data in the future.
And here`s where the “nasty surprise” comes in. The GDPR will be enforceable by summer 2018!
That`s right “enforceable!”. According to the DMA, Christopher Graham Information Commissioner at the Information Commissions office (ICO) said at a recent DMA Data Protection summit “The sky’s the limit for enforcement”. “this is getting serious!”. Mr Graham has also called the potential fines imposed under the new regulations “eye-watering” – up to €20 million or 4% of your global turnover. So you can’t help but think Mr Graham is right, this is getting serious.
Furthermore, according to the DMA, “A new breed of data protection ambulance chasers are being born” in response to the potential wide spread EU enforcement. Namely, law firms scrambling to offer advice on protecting you from the fines on one side, while at the same time solicitors specialising in data laws, encourage consumers to claim compensation for data protection breaches on the other.
Google ‘no win no fee data protection solicitors’ the results show an alarming number of law firms waiting to do something on your morning cornflakes – and the numbers are bound to increase.
The good news?
You still have time to get ready, and if you’re not sure where to start? Rest assured you’re in the right place, we can help you. Lock Stock have access to a network of seasoned data experts, are an ICO registered organisation and a member of the DMA, not to mention we offer customers FREE data health checks to get your data lean and clean.
In short, Lock Stock are well positioned to help you formulate a data management strategy that will improve customer engagement while getting you ready for GDPR compliance. so connect with us today.