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On 25th May this year the General Data Protection Regulation (GDPR) will come into force in the UK. This marks a seismic shift in the landscape of individual data protection and has been designed to give consumers more control over their information. It will mean that individuals have a lot more rights when it comes to how their information is collected and used – and it also requires any business that is using individual data to ensure that its processes are compliant. But what does this actually mean for customers who disclose personal data – and for the businesses that want to work with it?
Rather worryingly, the Federation of Small businesses conducted a survey of its members and identified that only around 8% of them feel ready for changes. In addition, only a third had begun to put measures into place to ensure GDPR compliance. Many said that they simply didn’t understand what was required of them and that the scope of the GDPR is so broad that it could cost up to £10,000 to make the required changes. However, the new rules introduced by the GDPR don’t just set a new standard of data protection they also usher in a new era of enforcement too. Any business, no matter how small, that isn’t GDPR compliant could face fines of up to €20 million or 4% of turnover. So, what are the key areas of the GDPR that businesses need to note?
Particularly in the light of the recent Facebook and Cambridge Analytica scandal, there is a lot of focus right now on what happens to consumer data after we hand it over. But what is the GDPR really likely to change for consumers?
Alex Hartley is a keen advocate of improving personal finance skills. She's worked at Solution Loans since 2014 and written hundreds of articles about how people can manage their money better. Her interest in personal finance goes way back to...Read about Alex Hartley
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