”Fines to grow by the year 2025 to encourage more companies to follow the law”
The legislation for data protection was much in shambles causing chaos and confusion to organizations, business and individuals all alike. Post GDPR introduction the privacy law to protect all has been declared the toughest data protection law in the world.
What is GDPR?
General Data Protection Regulation (GDPR) is a mandatory legal framework which provides and sets guidelines for the collection and processing of personal information from individuals who live in the UK and the European Union.
The GDPR Law is mandatory to be implemented on companies, government agencies, nonprofits and all other organizations that offer goods and services to people in the UK and Europe, or any other country looking to do business within the UK and EU states which collects and analyzes data tied to EU residents. As mentioned even organizations outside the EU need to be compliant or otherwise face significant fines.
Seven principles of GDPR to follow:
Lawfulness, Fairness and Transparency of the data received by any organization.
Purpose limitation of the data which has been collected.
Accuracy of the data received and where it is to be used upon received approved permissions of the consent owner.
Data minimisation on the approved data.
Storage limitation. I.e,.Not to be stored in more that one place i.e, cloud/safe.
Maintain Integrity and security confidentiality of the data received.
Accountability of the received data.
Why was GDPR introduced?
GDPR is a regulation which is mandatory and is directly applicable to all EU member states and the UK even after Brexit since its induction from May 2018.
The objective for GDPR to be introduced was to give citizens back control of their data. GDPR aims to facilitate and regulate the environment for international business to unify under the regulations of the UK and EU.
The regulation was introduced as an essential step to strengthen citizen’s basic fundamental rights in the digital millennia and help facilitate business by simplifying the rules for all organizations including private, government and NGOs in a single digital market. Which leads to savings for business in the tune of around 2 billion pounds, hence avoiding the costly administrative burdens they face.
Fine for Non-Compliance for organizations in the UK and EU.
GDPR, as we know, is very strict, once achieved an organization will be able to engage in business very confidently across the United kingdom and the entire states of the European Union.
Whereas non-compliant organizations including government organizations and NGO’s are liable to pay up to € 20 Million, or 4 % of their annual revenue -Whichever is greater. As these penalties are massive and can hence do serious damage to the organizations big or small.
As it has been two years since GDPR took effect as was the Californian data privacy law was enforced which is known as CCPA- California Customer Privacy Act. A study conducted has noticed that more than 37 % of the United Kingdom’s and European Union cybersecurity professionals surveyed suggest that the number the monetary amount of fines their employers pay are not adequate enough to safeguard their data since the monitoring does not yet begin full-fledged.
Once the government and the respective agencies start to monitor the organizations in their respective domain the safeguarding of data will increase by the year 2025. Among the one thousand individually British IT workers surveyed,70 % anticipate a dramatic rise in penalties whereas the rest of the respondents foresaw their companies paying less in fines, and predict they will not be enquired by the authorities
Whereas almost 87 % suggest that they would require more awareness about the regulations on GDPR and require subsequent training on how to implement and monitor how their companies use the client’s data, whether the data is being stored as suggested by the guidelines set by the authorities may be it GDPR or CCPA.
As an expert in IT Compliance, rootfloe can help mitigate the risks of facing a heavy penalty of € 20 Million of 4 % of the annual revenue whichever is greater by addressing the challenges you will face not being complied by the regulation of UK/EU GDPR.
We also provide corporate training to your team to monitor the implemented steps as per guidelines and other wide range services including of GDPR support service. Kindly contact us at info@rootfloe.com
