GDPR
The Financial Impact and Gains Of GDPR
The General Data Protection Regulation (GDPR) has taken four years of negotiations and debates, and the finalised legislation will come into place on 25th May 2018. As a business, the topic on everyone’s mind is how much is GDPR going to cost me? Looking at the cost vs gain of implementation, we have outlined what you could lose for non-compliance against what you can gain from being prepared for the EU’s newest law.
Breach charges
The most obvious way to be financially affected by the GDPR is through non-compliance. As it stands in Paragraph Five of Article 83 in the GDPR official document, the cost for breaching any of the legislation is a maximum of €20 million or 4% of the total worldwide annual turnover of the preceding financial year; whichever is higher.
While it is not currently known how high the actual fines for breaches will be, it is assumed that the initial infractions will set a precedent for continued charges. It is highly likely that the EU will implement high penalty to present a clear fight against non-compliance.
In the UK, the recorded highest fine for a data breach was given to telecommunications company Talk Talk. Talk Talk were fined for their violation of data over 150,000 customers names, addresses, dates of birth, phone numbers and email addresses as well as thousands of customers bank details and sort codes. In this instance, the cost for the telecommunications company was £400,000.
While it is not currently known the intended outline for breach charge levels, starting the legislation with a strong message of control seems to be the aim of the GDPR regulators.
Impact of reputation
While a data breach is considered the highest financial impact of non-conformation to GDPR, it is essential also to consider the cost impact for a bad reputation. With modern technology, customer-effecting incidents rarely stay out of the news. While all eyes will be on the implementation of GDPR, it will not be long to discover which companies are not complying from the onset.
In regards to the Talk Talk breach mentioned earlier, it is estimated that they lost 101,000 customers and suffered non-fine related costs of £60 million. Despite the violation happening in 2016, the company is still considered inferior to its competition; with a considerable amount of that falling to customers trust. It can take a long time for companies to earn trust and just seconds to cause irreparable or long-term damage.
The financial gain of GDPR
While many businesses are worried about the initial costs, in regards to time, resources, equipment and training, it is always important to remember the financial benefit that can be reaped from a well set up, maintained and in-house regulated policy.
Running costs
Many international companies invest considerable funding for country-specific officers in charge of monitoring the company’s data protection and liaising with government officials to ensure they are regularly updating and monitoring accordingly. Having an EU-wide policy will enable organisations to have less staff working on the data protection side as there is now only one regulation for all. This opens up opportunities for companies to deploy personnel to excel other aspects of the business.
Having one, firm legislation that is operated by all companies also means that costs of training new employees will be reduced as organisations can set up one business-wide GDPR training system.
It may be assumed jobs will be lost from the lack of need for country appointed government liaisons. However, employees with this background and understanding can successfully be deployed to a data protection officer (DPO), or monitoring role. These members of staff are the SMEs and the trainers who can reduce the costs for training new employees on the difference between the old and new legislation and how they affect the business in-house.
Reputation 2.0
As previously discussed, the negative impacts of reputation are critical contenders in the cost element of GDPR; however positive reputational results are essential to consider when looking to
reap financial gain. Customers are going to be using their research to find out which companies they can trust, and this will be reflected by the publication of data protection procedures and how prepared a company is to comply.
For your business, you can show your customers and prospects that their trust and your compliance is at the top of your priorities. Ensuring there is a clear outline, readily available to customers highlighting how you as a business intent to not only comply to GDPR standards but also how you intend to keep your customers well informed and protected will assist in boosting reputation for the company in comparison to competitors.
Reap the rewards today
As GDPR comes into legislation on 25th May 2018, there is no time to waste. It is important to ensure you are prepared well in advance and have spent enough time broadening your knowledge on the topic to ensure there are no nasty surprises. To make sure you are ready, get in touch with the experts at Cyan Solutions today to provide your business with the tools you need to see the benefits of GDPR.
Categories
- Case Study
- Charities
- Cloud Computing
- 10 Ways to be More Productive with Microsoft 365
- Cloud Based Services for Business
- Top Cloud Computing Trends
- Myth-busting Cloud Technology
- Technology to Minimise the Disruption Of School Holidays
- Cyan delivers a tailored cloud based solution
- Managing Security With Remote Workers
- What Are The Benefits Of GDPR?
- The biggest risk for data breaches is your employees
- Is your business prepared for bad weather?
- How technology innovation can improve efficiencies for charities
- How internet of things is shaping the workplace of the future
- Does a lack of cloud computing standards compromise its use?
- Common places where SMEs slip-up when using the cloud
- Things to consider before choosing a cloud platform
- Just how secure is the cloud? (Spoiler: Very.)
- Reasons to consider remote working
- Cloud computing terms – what do they even mean?
- Essential time-saving apps for SMEs
- Cyber Security
- “How Strong Is My Password?”
- Industry News Roundup December 2020
- Shocking Cyber Security Stats 2020
- How Staff Accidentally Help Hackers Steal Sensitive Data
- A quick guide to keep personal devices secure
- Three super simple things you can do now to protect your business
- Have You Considered These Risks to Your Business?
- Cyan Approved to Join NCSC Cyber Information Security Partnership (CiSP)
- What Is Cyber Insurance and Does My Business Need It?
- What Is Ransomware and How Should I Protect My Business?
- The End of Life for Windows 7
- What is Cyber Essentials and Why is it Great For Your Business?
- The Cyber Security Basics You Should be Covering Now
- How to Create a Cyber Security Policy for Your Business
- 3 Reasons Businesses Are Still Getting Their Cyber Security Wrong
- Cyber Security Risks You Need to Focus on in 2020
- Cyber Security Services
- Remote and Fully Managed IT Support Tailored To Your Needs
- IT Security Strategy: What You Need to Know
- Essential Recommendations for Business IT Security
- How Often Should You Audit Your Business Cybersecurity?
- Managing Cybersecurity Solutions for SMEs
- Cybercrime Is On The Increase
- Monitoring The Dark Web To Stop Security Breaches Fast
- How to protect your business against phishing scams
- Disaster Recovery
- GDPR
- Myth-busting Cloud Technology
- Using The Cloud For Your Disaster Recovery Strategy
- How to Make Sure Your Staff Don’t Breach Your Data Security
- What Are The Benefits Of GDPR?
- Monitoring The Dark Web To Stop Security Breaches Fast
- The biggest risk for data breaches is your employees
- The Dos And Don’ts Around Consent For GDPR Compliance
- Plan. Create. Maintain for GDPR compliance
- Checklist For GDPR Compliance – Are You Ready?
- The Financial Impact and Gains Of GDPR
- What You Need To Know About GDPR: 6 Key Principles
- How GDPR affects charities
- The Data Protection Law Is Changing: What Does Your Business Need To Do?
- IT Budget
- IT Help Desk
- IT Infrastructure
- The End of Life for Windows 7
- What is a Typical IT Budget for a Small or Midsize Business?
- Digital Transformation Of Social Housing – Top Five Trends
- How and Why You Should Use Scalable Technology Infrastructure
- Driving Business Growth Through IT Infrastructure
- How Cyan Solutions Helped Toto Energy drive rapid Growth
- IT Security
- “How Strong Is My Password?”
- Industry News Roundup August 2020
- Keep devices protected while remote-working
- Have You Considered These Risks to Your Business?
- Cyan Approved to Join NCSC Cyber Information Security Partnership (CiSP)
- What Is Cyber Insurance and Does My Business Need It?
- What Is Ransomware and How Should I Protect My Business?
- The End of Life for Windows 7
- What is Cyber Essentials and Why is it Great For Your Business?
- The Cyber Security Basics You Should be Covering Now
- How to Create a Cyber Security Policy for Your Business
- 3 Reasons Businesses Are Still Getting Their Cyber Security Wrong
- Cyber Security Risks You Need to Focus on in 2020
- Cyber Security Services
- IT Security Strategy: What You Need to Know
- Essential Recommendations for Business IT Security
- How Often Should You Audit Your Business Cybersecurity?
- Managing Cybersecurity Solutions for SMEs
- Top 5 Ways To Avoid Phishing Emails
- Key Technology Trends Impacting the Energy Sector
- Top Benefits of Outsourcing Your IT Requirements
- Using The Cloud For Your Disaster Recovery Strategy
- Managing Security With Remote Workers
- Our Guide To IT Budgeting
- How to Make Sure Your Staff Don’t Breach Your Data Security
- Driving Business Growth Through IT Infrastructure
- Plan. Create. Maintain for GDPR compliance
- Flaw in Intel Chips Puts Millions of Computers At Risk
- Does a lack of cloud computing standards compromise its use?
- 10 basic (but essential) business tech security tips
- Just how secure is the cloud? (Spoiler: Very.)
- Cloud computing terms – what do they even mean?
- Essential time-saving apps for SMEs
- IT Services
- 10 Questions to Ask About Your IT Service Provider in 2020
- Virtual CIO Services
- Cloud Based Services for Business
- What is a Typical IT Budget for a Small or Midsize Business?
- Does Outsourcing Mean IT Cost Reduction
- Tips for Finding the Best IT Consulting Solutions
- Top Benefits of Outsourcing Your IT Requirements
- Cyan delivers a tailored cloud based solution
- What support should you expect from your IT provider
- IT Strategy
- IT KPI’s to track and measure
- IT Strategy Template 2021
- Why Your Business Needs an IT Strategy
- Why you should be making plans to implement remote working long-term
- Continuity Checklist
- Have You Considered These Risks to Your Business?
- The End of Life for Windows 7
- What to Include in Your IT Strategy in 2020
- What Does Digital Transformation Mean for Your Business in 2020?
- Remote and Fully Managed IT Support Tailored To Your Needs
- Essential Recommendations for Business IT Security
- What is a Typical IT Budget for a Small or Midsize Business?
- Does Outsourcing Mean IT Cost Reduction
- Is Your IT Spending Under Control?
- IT Budget Planning Mistakes You Should Avoid
- What is Your IT Strategy?
- Tips for Finding the Best IT Consulting Solutions
- Embrace New Technology with an IT Transformation Strategy
- Do Your Employees Understand Your IT Business Strategy?
- Digital Transformation Of Social Housing – Top Five Trends
- Top 5 Ways To Avoid Phishing Emails
- Key Technology Trends Impacting the Energy Sector
- Cybercrime Is On The Increase
- Essential Data Back-Up & Disaster Recovery Tips
- Using The Cloud For Your Disaster Recovery Strategy
- Harnessing Technology to Enhance Housing Associations Performance
- Why Your Phone System is an Essential Part of Your Technology Strategy
- Driving Business Growth Through IT Infrastructure
- The Dos And Don’ts Around Consent For GDPR Compliance
- The Importance Of Having A Good Technology Strategy
- Things to consider before choosing a cloud platform
- IT Support
- 10 Questions to Ask About Your IT Service Provider in 2020
- Remote and Fully Managed IT Support Tailored To Your Needs
- What is a Typical IT Budget for a Small or Midsize Business?
- Does Outsourcing Mean IT Cost Reduction
- Tips for Finding the Best IT Consulting Solutions
- Key Technology Trends Impacting the Energy Sector
- Top Benefits of Outsourcing Your IT Requirements
- What support should you expect from your IT provider
- How your customers benefit from using a smart meter
- Microsoft Office 365
- A Day in the Life of a Managing Director
- Industry News Roundup December 2020
- 10 Ways to be More Productive with Microsoft 365
- Digital Transformation Of Social Housing – Top Five Trends
- Key Technology Trends Impacting the Energy Sector
- Top Benefits of Outsourcing Your IT Requirements
- Managing Volunteer Teams Through Good Technology
- Microsoft Office 365: Discounts and Subscriptions for Charities
- How technology innovation can improve efficiencies for charities
- News
- Industry News Roundup December 2020
- Industry News Roundup August 2020
- Industry News for July 2020: Remote Working
- Have You Considered These Risks to Your Business?
- Cyan Approved to Join NCSC Cyber Information Security Partnership (CiSP)
- What Is Cyber Insurance and Does My Business Need It?
- What Is Ransomware and How Should I Protect My Business?
- The End of Life for Windows 7
- What is Cyber Essentials and Why is it Great For Your Business?
- The Cyber Security Basics You Should be Covering Now
- How to Create a Cyber Security Policy for Your Business
- 3 Reasons Businesses Are Still Getting Their Cyber Security Wrong
- Cyber Security Risks You Need to Focus on in 2020
- What to Include in Your IT Strategy in 2020
- 10 Questions to Ask About Your IT Service Provider in 2020
- What Does Digital Transformation Mean for Your Business in 2020?
- IT Security Strategy: What You Need to Know
- Essential Recommendations for Business IT Security
- How Often Should You Audit Your Business Cybersecurity?
- Managing Cybersecurity Solutions for SMEs
- What is a Typical IT Budget for a Small or Midsize Business?
- Does Outsourcing Mean IT Cost Reduction
- Is Your IT Spending Under Control?
- IT Budget Planning Mistakes You Should Avoid
- What is Your IT Strategy?
- Tips for Finding the Best IT Consulting Solutions
- Embrace New Technology with an IT Transformation Strategy
- Do Your Employees Understand Your IT Business Strategy?
- Digital Transformation Of Social Housing – Top Five Trends
- Top 5 Ways To Avoid Phishing Emails
- Key Technology Trends Impacting the Energy Sector
- Top Cloud Computing Trends
- Myth-busting Cloud Technology
- Top Benefits of Outsourcing Your IT Requirements
- How and Why You Should Use Scalable Technology Infrastructure
- Cybercrime Is On The Increase
- Essential Data Back-Up & Disaster Recovery Tips
- Technology to Minimise the Disruption Of School Holidays
- Cyan delivers a tailored cloud based solution
- Using The Cloud For Your Disaster Recovery Strategy
- Managing Security With Remote Workers
- Our Guide To IT Budgeting
- What support should you expect from your IT provider
- How Blockchain Gives Transparency to Charity Spending
- How to Make Sure Your Staff Don’t Breach Your Data Security
- Harnessing Technology to Enhance Housing Associations Performance
- Why Your Phone System is an Essential Part of Your Technology Strategy
- What Are The Benefits Of GDPR?
- Monitoring The Dark Web To Stop Security Breaches Fast
- Driving Business Growth Through IT Infrastructure
- The biggest risk for data breaches is your employees
- Why Use A Virtual CIO?
- Is your business prepared for bad weather?
- The Dos And Don’ts Around Consent For GDPR Compliance
- The Importance Of Having A Good Technology Strategy
- Plan. Create. Maintain for GDPR compliance
- Checklist For GDPR Compliance – Are You Ready?
- The Financial Impact and Gains Of GDPR
- Managing Volunteer Teams Through Good Technology
- What You Need To Know About GDPR: 6 Key Principles
- How GDPR affects charities
- How your customers benefit from using a smart meter
- The Data Protection Law Is Changing: What Does Your Business Need To Do?
- Microsoft Office 365: Discounts and Subscriptions for Charities
- How to protect your business against phishing scams
- Flaw in Intel Chips Puts Millions of Computers At Risk
- What even is a blockchain?
- 7 must-have apps and software that aid remote working
- How Cyan Solutions Helped Toto Energy drive rapid Growth
- How technology innovation can improve efficiencies for charities
- How internet of things is shaping the workplace of the future
- Does a lack of cloud computing standards compromise its use?
- Some of the most innovative applications of VR by businesses we’ve seen so far
- Common places where SMEs slip-up when using the cloud
- Tips to be more mobile friendly
- Cyan delivers sustainable solutions and increases confidence in IT at Sands
- Will AI ever completely replace human customer service?
- 10 basic (but essential) business tech security tips
- Things to consider before choosing a cloud platform
- How artificial intelligence will affect future business
- Just how secure is the cloud? (Spoiler: Very.)
- Reasons to consider remote working
- Cloud computing terms – what do they even mean?
- Essential time-saving apps for SMEs
- Telecommunications
- Virtual CIO
- Virtual CIO Services
- Is Your IT Spending Under Control?
- IT Budget Planning Mistakes You Should Avoid
- What is Your IT Strategy?
- Tips for Finding the Best IT Consulting Solutions
- Embrace New Technology with an IT Transformation Strategy
- Do Your Employees Understand Your IT Business Strategy?
- Driving Business Growth Through IT Infrastructure
- Why Use A Virtual CIO?