11 December 2017 #Data Protection
A survey conducted by Finance.co.uk has revealed a wide scope of organisations (across the private and public sectors) may be at risk of breach. Crucial updates to policies have so far not been made by 82% of businesses. This leaves them at risk of both reputational and brand damage, alongside regulatory action which could result in hefty fines.
Findings have revealed, almost 40% of organisations surveyed are yet to take any steps to get prepared. Also, more than a third of those surveyed, aren’t confident they’ll be ready to comply by the 25th May 2018.
The lack of preparation could be explained by a lack of understanding as over a fifth of those surveyed weren’t even aware of the GDPR and had no understanding of the impact on their organisation.
Ultimately, those who aren’t prepared may be stung by significantly high fines – up to four per cent of worldwide turnover or £20 million, whichever is greater.