90% of small businesses unprepared for GDPR deadline
The majority of UK small businesses are still not prepared for the introduction of GDPR, with less than 90 days to go until the deadline.
This is according to the Federation of Small Businesses, who found that 90 per cent of small firms are still not ready for the new rules. GDPR comes into force on 25 May.
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Just eight per cent said they had completed their preparations, while 35 per cent said they were in the early stages.
But a full 33 per cent said they had not yet started their preparations, despite the looming deadline – while almost 20 per cent were completely unaware of the new rules.
What is GDPR?
The European General Data Protection Regulation (GDPR) is a new set of rules governing the use of personal data by companies and organisations in the EU.
It is based around two main principles: giving individuals more control over their personal data, and simplifying data regulation amongst EU small businesses.
GDPR will introduce strict new regulations on the treatment of personal data, including the requirement for a dedicated Data Protection Officer in many businesses.
Failure to comply with GDPR will be punishable by fines up to €20 million, or four per cent of annual turnover, whichever is higher.
How do I get ready for GDPR?
It’s crucial that businesses take measures to ensure they are compliant with GDPR ready for the 25 May deadline.
Simply Business has compiled a comprehensive guide to the regulations, including a checklist for SMEs.