New research from the Institute of Directors (IoD) reveals that many business leaders are still in the dark about new data protection rules.
With only months to go before the General Data Protection Regulation comes into force on 25 May 2018, the IoD survey shows that a worrying number of companies across the country are not aware of the costs, complexities and responsibilities associated with new rules.
The statistics show that 30% of company directors have not heard of GDPR and 40% do not know if their company will be affected by the new rules.
Phil Becket, Managing Director of Alvarez & Marsal, Disputes and Investigations, commented: “Complacency is no longer an excuse for firms, they need to know what they’re doing with consumer data, or face the consequences.
“Hackers are persistent and creative, and more often than not they are able to get into systems with ease – just look at the recent breaches seen in the news. Combined with stricter rules and harsher punishments for lax security, firms need to be on the front foot and ignorance is certainly not the right approach.
“Data is now one of the, if not the most valuable business asset, so firms across the UK need to ensure they’re protecting its worth. Having the ability to prepare for and detect an attack will be key to staying compliant with the regulations.
“With fines up to 4% of a business’ global turnover or €20,000,000, whichever is greater, they simply cannot afford to turn a blind eye to the looming deadline.”