What has changed 3 months on since GDPR?
Since the 25th of May GDPR has been in full effect, but new research shows that retail businesses still haven't ensured that their establishment is fully compliant with the new regulations.
According to a survey of 1,021 UK workers, 37% of businesses admit they’re not following the General Data Protection Regulation (GDPR), as it’s not a priority for them at the moment. The survey also showed that 35% of businesses say they are sending marketing emails to their existing email subscribers, but haven't asked for consent whether they can do so or not.
Gareth Hoyle, managing director at MarketingSignals.com, states “The research shows there are many ways that businesses are admitting to not following the newly enforced GDPR regulations. GDPR is the most fundamental change to ever happen to data privacy, so it is imperative that businesses follow this and complete the process as soon as possible.”
“Businesses need to understand that acting responsibly and ethically with customer data is crucial to protect and enhance brand reputation and ensure customer trust. Not only this, but it will enhance the quality of data collected which is a good thing for UK businesses.”
17% of people interviewed for the survey said they’re still unsure as to what the benefits of being GDPR compliant are. There are many benefits that GDPR has brought to people across the UK and Europe, including improving customer confidence in giving their personal information, better data security, and reduced maintenance costs such as no longer needing certain software or legacy applications. One of the most important reasons to ensure your business is GDPR compliant is the risk of fines, you could be fined up to €20 million - that should be reason enough!
Risks of not being GDPR compliant:
- Issue a warning or impose a temporary or definitive ban on processing personal data.
- Impose a fine up to €20 million or 4% of the total worldwide turnover, depending on the circumstances of each individual case; or
- Both of the above.
About Alan & Thomas
Alan & Thomas Business Insurance source a range of insurance policies in the retail sector. For more advice on being GDPR compliant, or to discuss our business insurance policies contact our team on 01202 754900.