While many businesses have heard about GDPR, the new General Data Protection Regulation coming into force in May 2018, there are still only a few that have taken any tangible steps towards being compliant.
You’re probably not falling behind everyone else but as GDPR is relevant to the majority of organisations, getting compliant early could save you money in the long term and give you peace of mind.
Businesses have until May 25, 2018 to get themselves ready. Being ready means assessing your organisation, fixing any issues and then reassessing yourself. This can take several weeks, if not months and crosses over into Legal, HR., IT and has insurance implications.
Here are my top five reasons why you should get compliant early.
1) Increased demand for advice
As May 25 gets closer, getting help with GDPR will be like getting a hotel around the corner from Wembley the night before the FA Cup final! There are free resources to help you including a new ICO helpline, but this already showing the signs of feeling the strain. Getting the support, you need early on could ensure you can access the right advice and support.
2) Retain your clients
If you are a B2B company and your customer passes you PII (Personally Identifiable Information) then your client is obligated to conduct due diligence on you. Clients will want to see evidence of the steps you’ve taken to look after data responsibly.
3) Increase your competitive advantage
Being complaint at a time where potential clients are forced to look around could help you win new business. Being able to boast your GDPR compliance credentials could mean an increase of your competitive edge.
4) The perfect time to get it wrong!
Implementing any necessary changes as soon as possible will give you and colleagues the time to get used to new procedures and ways of working and time to take corrective action on anything that doesn’t work, well before the 25 May deadline.
5) Insurance implications
Having certain safeguards and procedures in place for any business that holds personal data will be an important requirement for insurers in the future. Consider your GDPR compliance efforts in relation to your business insurance requirements, to ensure you can get the cover you need.
Nigel Morgan, of Cyber123 and GDPR123, is a qualified GDPR Practitioner and ISO 27001 Lead Auditor. He is leading two Brighton Chamber sessions: GDPR, steps to early compliance on January 23. To find out more, visit: businessinbrighton.org.uk