The countdown is underway for companies to comply with the new General Data Protection Regulations. If manufacturers have not established proper policies and procedures for the way they hold and use information, from employee's addresses to customer email databases, they could face hundreds of thousands of pounds in fines.
With only a short time to go until the May 25 deadline, law firm FBC Manby Bowdler has developed a package of support for businesses to help them navigate the data minefield.
GDPR and data protection experts at the firm are offering:
- An initial review of a business’s existing data collection and use (i.e. where their information comes from and what personal information they will hold);
- A data mapping template to enable businesses to identify the information they hold and where it is stored, so as to monitor their personal data use and ensure continuing compliance.
- A review of existing standard terms and conditions, or where necessary the preparation of new terms and conditions to ensure GDPR compliance issues relating to the collection, storage and processing of personal data are properly provided for; and
- Access to a GDPR legal expert for specific queries in relation to the new regulations.
David Preece, Corporate Partner at FBC Manby Bowdler, is part of the firm's expert team helping manufacturers and other businesses prepare for GDPR.
"One of the key considerations of the regulation being enforced from May is that the new penalties that will come into force are potentially devastating compared to what we have now.
"There are two tiers: the first is up to €10m or two per cent of a company’s global turnover of the previous year, whichever is the higher; the second is up to €20m or four per cent of the previous year’s turnover, again, whichever is higher. This is a significant difference to the fines the Information Commissioner’s Office can currently levy.
"Taking a high profile example, Talk Talk’s 2016 fine of £400,000 for allowing hackers to access customer data wcould have rocketed to £59m under GDPR. Figures like that should be enough to make anyone pay attention.
"But it's not just big companies which will be affected by these new rules, SMEs are not immune to GDPR and they won't be immune to the potential fines either.
"We know there are thousands of businesses out there that are completely unprepared for GDPR. This package of support has been designed to help companies identify the data they hold, and give expert support in reviewing and developing the right policies and processes around that information, so that they can comply with the new regulations, whilst being realistic about the potential risk and ensuring proportionality."
For more information on GDPR and advice on how to be prepared, contact David on 01952 208421 or firstname.lastname@example.org.