An alarming 70% of business have not budgeted to account for the additional costs connected with a scheduled increase in General Data Protection Regulation Compliance according to a recent study.
A study carried out by GDPR compliant job board and London law firm Hamlins LLP has indicated that a few hundred thousand businesses in Britain risk receiving fines after they failed to allocate a sufficient level of funds to ensure they are compliant with new data protection regulation due to be implemented in May 2018.
According to the research, roughly half of businesses across the UK have failed to comply with GDRP which requires the appointing of a Data Protection Officer. More than a third said they were not planning to make any changes ahead of the GDPR introduction with many not even realising they need to.
Car dealerships and other business hold a lot of client data, often financial and therefore sensitive information. It is essential that your business is future ready for the GDPR update and any changes that come as a result of Brexit. We suggest that you ensure that your Motor Trade Insurance policy is fully up to date and complete with legal protection should you be caught out.
The report suggested that around 15% of those who took part stated that they believe Brexit will prevent the UK from having to comply and 12% said they did not have the funds to comply.
Simon Wright of Careersincybersecurity.co.uk said that all businesses in and out of the motor trade industry are required to comply with the new rules. Dealerships could find themselves being hardest hit due to the data they hold.
He also added that some businesses will be exempt from having to appoint a Data Protection Officer, but also many businesses lack the calibre of staff to honour their responsibilities to data protection under the GDRP.