Image: ShutterstockData is central to many businesses, providing insights which can lead to more personalised customer experiences through clever targeting. As such, the forthcoming changes to data protection are likely to considerably change the way companies handle their data – and small businesses are not off the hook. For any organisation holding personal data, expectations to comply will be just as high, whether they’re a privately owned corporation or a sole trader. Whilst some small businesses may only handle small amounts of data, they have the most to lose when it comes to maintaining customer trust. This is why we are calling on small business owners to seek information, understand the changes and act now to get a head start before the new rules come into play in May 2018. It may seem a long way off, but it’s imperative that small businesses don’t delay their preparations. Securing support down the line will be more difficult and expensive as demand for professional compliance assistance increases. This is why careful planning now is crucial as failure to adhere to the rules could result in fines of up to four per cent of businesses turnover. This is a high, but avoidable, price. SMEs in particular should be mindful of the increased red tape that the new rules will bring. Here are some specific proposed changes which, in our opinion, are most likely to impact SMEs:
- The requirement of a higher standard of consent when obtaining personal details.
- Abolition of the right for businesses to charge a fee for subject access requests.
- Banning of IP address tracking which allows businesses to learn how individual users behave on their website.
Read more on data protection:
- A new data protection and privacy regime
- Keep on running: Protect your data and stay in business
- Companies that safeguard data privacy will reap rewards
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