The impending GDPR (General Data Protection Regulation) will impact all businesses. SMBs are advised to consider the regulations and plan ahead ready for 2018 and beyond.
How will the GDPR impact your business? The impending regulations will force businesses to pay close attention to data protection. A data breach can result in significant fines (up to €20 million or 4% turnover) alongside additional penalties that can have a serious impact on your business.
What does this mean for SMBs?
SMBs need to start preparing for the GDPR. A recent report by Dell has revealed that “Nearly 70 percent of SMB respondents in this region said they are not or don’t know if they are prepared for GDPR.” Lack of awareness and preparation amongst SMBs is concerning experts who are actively pushing organisations to take action.
The GDPR doesn’t roll out until 2018, but the strict regulations will force organisations to prepare early. It’s essential to address data protection across all areas of the business. From an IT perspective, this means safeguarding data and storing it responsibly. The growing cybercrime risk will put your IT security to the test. A breach as a result of poor security could cost your business a hefty sum, not to mention damage the reputation of your brand.
How can you prepare?
If you do anything in 2016 to prepare, start by raising your awareness of the General Data Protection Regulations. There are multiple sources outlining the GDPR with details of the enforced regulations and penalties. Official documents will provide the most up to date information to help you learn all about GDPR.
A clear understanding of the regulations will help you consider how this will affect your business and your sector as a whole. If your sector is already highly regulated, then the GDPR could dramatically impact your organisation in order to maintain compliance. Understanding all of this information and how it impacts your SMB will help you plan ahead and set clear priorities.
Remember, when the GDPR official rolls out your data protection process and security measures will continually be put to the test. It’s, therefore, important to consider this in your strategy to protect your business from 2018 onwards.