Could a breach be the End for Your Business?
Building a business is hard work. To lose it all as a result of a data breach would be devastating.
Unfortunately, we recently learned of an SME who found themselves in this situation. Facing the threat of legal prosecution following a data breach, the company had no other option than to close its doors for good.
With the EU General Data Protection Regulations (GDPR) that came into force in May 2018, there is a real risk we could see more companies folding, unable to face the litigation and fines following a breach.
What’s at stake?
On 25th May 2018, GDPR replaced the Data Protection Act in the UK. The new regulations were designed to give individuals greater control over what happens to their personal data when in the hands of organisations or businesses.
All businesses and organisations that store, manage, or process the personal data of EU citizens will be expected to comply with the GDPR.
Under GDPR, businesses are more accountable for personal data breaches and data loss. Failing to understand your responsibilities could see your company facing a fine of up to 4% of your global, annual turnover, or €20,000,000, whichever is greater. What would a data breach do to your business?
For SMEs, the ‘whichever is greater’ element of these rules is the key phrase. It is easy to see how a smaller organisation would be unable to face this level of financial penalty, leaving them more vulnerable to collapse following a breach, than larger companies who might be more able to weather the impact of a fine.
Alarmingly, the Zurich SME Risk Index suggested that many of the UK’s SME may be non-compliant with regard to the GDPR. This isn’t a risk businesses can afford to take.
What can you do?
If you don’t fully understand the issue, finding out how the GDPR works or what it means for your business and industry should be your first priority.
It is likely you will need to update your IT and privacy policies to ensure you are compliant. It is also vital that you communicate the new regulations and any changes to your policies to your staff.
If you don’t have the time to fully investigate and prepare, the best option is to work with an experienced cybersecurity company with a thorough understanding of GDPR.
At Digital Pathways, we have the expertise to audit your current systems and identify which elements are in line with GDPR and what needs to change. We can ensure your company is compliant and ready for these digital security regulations.
Don’t let a data breach be the end for your business. Contact us today on 0844 586 0040 or email [email protected]