By now we are all familiar with the term GDPR since its launch under new EU legislation on Friday 25th May 2018; however, understanding what it means in both business and personal terms is still taking time to grasp.
With the average adult said to have approximately 100 data relationships with companies and organisations, it is not surprising that we have all felt overwhelmingly bombarded.
Recognised as the biggest shake-up of data communication in internet history, the new GDPR law has been put in place to encourage businesses to take charge of their ‘data house-keeping’ and tighten up on security and processes used to store data. By doing so, businesses may protect individuals by giving them the right to not be contacted, erase personal information from databases if there is the wish to be deleted, the right to update information if details are incorrect and give the right to choose how to be contacted as well as confirm who is allowed to actually share their personal information.
Failure to comply with the new GDPR law will result in businesses not only undertaking reputation-damage to their brand but also being fined up to a 4% value of their annual global revenue or €20 million (£17.5million) – which ever is the greater.
Is your business getting to grips with GDPR?
Here at Crendon insurance Ltd we support companies who are looking to implement the right tools to protect their business through GDPR insurance. To find out how we can protect your company and the methods in which you communicate with customers or store personal data through data protection, please contact our GDPR insurance team.
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