1. This is a legal requirement:
For all organisations that process personal identifiable information (PII). This data is anything that can be used to identify an individual or even data that can be used alongside other data to identify an individual such as an IP address etc. Failure to comply with the legal requirement can lead to serious financial and reputational damage to your organisation.
2. There are huge fines for non-compliance:
The maximum penalties for non-compliance with UK GDPR ranges from 4% of the overall group turnover of the organisation or £20 million, whichever is higher. Note – typically in the event of a reportable data breach, where non-compliance is part of the reason for the breach, an organisation would be fined the 4% figure. There are many examples of this, see the regulators website (Information Commissioners Office – ICO) for more information.
3. Non-compliance will negatively impact growth:
Organisations are required to ensure that partner organisations such as suppliers (or Data Processors of personal data acting on behalf of that organisation, i.e. the Data Controller) are complying with GDPR. That being the case, there is an increasing likelihood that you will have to demonstrate how your organisations are complying with GDPR when replying to tenders and responding to sales enquiries etc. Customers are now obliged to seek suppliers who demonstrate higher levels of compliance when compared to those that do not.
4. Reducing the risk of a data breach:
Compliance with data protection legislation is going to have a positive impact on the reduction of risk from a cyber-attack. All organisations have a specific requirement under UK GDPR to ‘do everything in their power’ to keep personal data safe. In practical terms, this generally means that an organisation must do everything that is technically and financially feasible for them to do based upon their environment and financial status. However, do please note, doing nothing is never going to be an option.
5. Reputation is vital to most organisations:
The damage that can occur to an organisations reputation if they are found to be non-compliant is huge. Not only does this get published on the ICO’s website but it can often end up on national and regional news programmes along with other types of media, e.g. Twitter. The damage to the brand and having to re-build trust with business partners will have a massive impact on the business. It’s just better to avoid it in the first place by properly investing in becoming and maintaining an effective level of compliance.