29 May 2017
Business leaders ‘must prepare for new data laws’
Businesses have been urged to prepare for new data protection legislation which comes into force next year.
With the General Data Protection Regulation set to become law on May 25 next year, the British Chambers of Commerce (BCC) has warned that all companies holding personal data will be required to ensure their procedures are fit for purpose.
Those who fail to comply could face fines worth up to 4% of their annual global turnover.
According to the BCC, businesses should now carefully document the personal data that they hold, with an information audit potentially helpful.
They should then review their current privacy notices - and the ways in which they seek, obtain and record consent from individuals.
In a further step, the trade body suggests that companies should decide on whether they might require a data protection officer to deal with the new rules.
David Riches, executive director at the BCC, said a proactive approach is now required across the business community.
He added: " The General Data Protection Regulation is intended to reflect modern working practices in the digital age, and will strengthen consumer trust and confidence in businesses. It will establish a single set of rules across Europe, which will make it simpler and cheaper for UK companies to do business across the continent, even after we leave the EU."