GDPR is great for you as an individual and an opportunity for your business
What is GDPR?
GDPR is the evolution of the old Data Protection Act. It’s an EU regulation that the UK were instrumental in drafting and it is replacing the Data Protection Act, regardless of Brexit.
GDPR applies to any business that holds information on any EU citizen – regardless of where the person resides or the business is based.
It applies to any company anywhere in the world that holds data on an EU citizen.
At its core GDPR is pretty straight forward. Its objective is to protect us as individuals and force companies to be transparent about the data they hold on us.
As it stands right now, we have no idea what these companies know about us or what they do with this information or who they share it with. GDPR puts people first.
GDPR allows us to see what personal information companies hold on us and what they do with it. We also have the right to have our data erased off their systems.
Whether it’s google, facebook, amazon, john lewis, your local shop or your acupuncturist, they all have to allow us access to our data.
What does GDPR mean to small businesses?
GDPR necessitates that small businesses as well as larger ones keep accurate records of their customers and staff.
Small businesses must also protect this data by ensuring their IT security is properly managed and that the data is encrypted and backed up.
Businesses must be able to provide their customers and staff a copy of this information in digital format and erase it if requested.
GDPR will be enforced with heavy fines of up to 4% of global turnover. Not profit. Global turnover!
None of this is bad news for small businesses though. What small businesses need to do to comply with GDPR will make them more secure, efficient and productive.
All businesses should be doing these things anyway.
In the end, GDPR is a win for everyone!