Since we last covered the subject of GDPR, and the upcoming implementation of this new data protection regulation in May 2018, the subject really has exploded across the business press.
The extreme interest and clamour around the topic was really brought home to us at a recent business technology conference where the expected handful of people sat in on most of the vendor/expert presentations but come the time for the GDPR segment a near biblical surge of attendees made their way to the stage area. It was genuinely standing space only.
With thoughts now turning to 2018 and the factors most likely to impact businesses over the next 12 months, it’s likely that the subject has also caught your attention. We’re also willing to bet that the huge amount of hype around the new regulation has made it far from simple for you to establish why and how you’re likely to be affected.
Thankfully our partners at Sage have prepared a useful Quick Start Guide for Small Businesses that distils the noise around GDPR down to the essentials – what it is; the basic principles; what it means for UK small businesses and actions you can take now.
Grab your free copy of the guide by completing the form below:
No time to read the guide? Well, we think the subject is so important that you probably should find it but we also appreciate the power of a video summary to get a message across so why not check out the one at the bottom of the page.
Of course, the element of GDPR that has really grabbed the headlines is the new scale of penalties that could be imposed on organisations in the event of a data breach. This was relatively predictable considering a number (and a big one at that) could be quoted that would strike fear into the heart of any business owner or management – up to 20 million Euros or 4% of annual revenue, whichever is greater.
As you reach for the phone in a panic to get your IT support or a cyber security consultancy on the line, it is worth remembering that a large portion of the regulation does not relate to the physical technology protecting data but more to your overall organisational behaviour. As SAP’s Digitalist magazine pointed out recently:
“Nearly half of the articles in the regulation are related to business procedures associated with policies, controls, record-keeping, and the accountabilities of different roles and entities. To avoid costly penalties, governance of policies, processes, and people must be clearly defined and documented.”
We think Emmanuelle Brun Neckebrock, CFO of SAP France, summed it up pretty nicely when she said:
“If you haven’t already done so, I’d urge you to look beyond simply avoiding a fine, and create a strategy for your finance organisation and the wider business to harness the benefits it will deliver. It really is a transformational opportunity.”
To find out more about how your business management systems can support you in achieving this transformation get in touch with the team at DCS.