SMEs Face Larger Fines for Data Protection Breaches
29 June 2016
The Information Commissioner’s Office (ICO) has said that the UK’s data protection standards are likely to remain on a par with those of the EU despite the Brexit vote.
The current maximum fine for UK companies breaching the data protection laws if £500,000. However, the new EU General Data Protection Regulation will increase the limit to £15.5 million or four per cent of the firm’s global turnover, whichever is the greater.
The two-year transitional period has begun and firms need to make sure that they are fully compliant.
Many firm mistakenly believe that they are compliant with the Data Protection Act but they do not review their policies and security measures regularly.
Griffin Security Group can assist clients with a review of their data protection measures to ensure that they do not fall foul of the regulation.