I have been sorting out a few bills this week and was struck by the number of companies still asking me to give full card details over the phone. These weren’t small companies either, one major mobile provider was on the list. I know what you’re thinking…GDPR
From May 2018, any organisation which processes or stores personal data, including payment card data, will need to adhere to the new General Data Protection Regulation (GDPR) legislation.
With fines of up to four per cent of a company’s global annual turnover or £18m, whichever is greater, businesses of all sizes are at serious risk if they don’t start to protect themselves and their customers.
Implications of a GDPR breach
A GDPR breach can cost a business millions of pounds in fines, but for some the negative impact it can have on a company’s reputation can be far more damaging. As an example, a recent report (on itgovernance.co.uk) has shown that 24% of consumers will switch banks if their personal financial data has been breached and more than a third of consumers will shop elsewhere if their retailer has been breached – this means repercussions that can long outlast initial fines.
GDPR a bit of a minefield
There is help at hand however and there are solutions available which greatly reduce the effort involved in becoming compliant and staying compliant. We can help you achieve compliance quickly, cost effectively, and without huge disruption to day to day operations.