Despite GDPR drawing closer by the minute, many top UK companies are still not preparing for its arrival, nor are they doing enough to inform themselves on how to be compliant, new research has claimed.
According to a poll of 500 businesses commissioned by the London Chamber of Commerce and Industry (LCCI), 24 per cent of businesses based in the capital reportedly aren't aware of GDPR - a shocking lack of awareness.
Among those that are aware of the new rules and believe GDPR will affect them, just 16 per cent said their business is prepared for the changes.
A fifth (21 per cent) would like to know more about GDPR, but need more time. For a third (34 per cent), GDPR is not relevant. Chief Executive of LCCI said: “Businesses that are already vigilant about their data protection responsibilities, are unlikely to be unduly burdened by the new legislation.
“However we would urge businesses to take this opportunity to review their processes to see if they need to make any changes to be compliant.”
GDPR is set to become law on May 25, 2018, when it will effectively replace the 1998 Data Protection Act. It regulates how businesses gather, store and share personal data from its EU users.
Fines for not complying with GDPR can be quite severe – amounting up to four per cent of global annual turnover, or €20 million, depending which sum is larger.
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