Now article 50 has been triggered, Britain can be expected to leave the EU within the next two years. Although two years may seem a long time, we all know that time flies and we’ll be an independent country before we know it.
Brexit will have numerous effects on Britain and the way we work. One of the three most likely industries to be affected is financial services. If you are not in the financial services industry, it doesn’t mean your company won’t be affected as it will still impact the financial department of most businesses.
As well as Brexit, there are also the new General Data Protection Regulations (GDPR) to prepare for and this will affect most financial departments. These new regulations are being put in place from May 2018. This is to ensure data is being used correctly, is being shared in the correct way, and to prevent any data breaches.
Will the GDPR affect UK businesses?
Many UK businesses are under the impression that GDPR won’t affect them due to Brexit. However, there will be a period in between the new regulations being introduced and the official EU leaving date. Britain WILL have to abide by the GDPR law between May 2018 and March 2019, meaning that UK businesses need to prepare themselves for the implementation of the new data protection regulations.
How will this affect your IT?
As one of the leading IT companies in your local area, we thought it would be beneficial to give you some pointers on how to prepare. As you know, businesses are utilising the web more than ever. With over 269 billion emails sent daily, how many of these do you think contain sensitive data? With so many emails being sent and received, businesses need to be extra vigilant with the data shared.
What to do next
It’s important that your customers, suppliers and any other associates know what and how confidentially their data is stored as well as how long it will be kept for. Data will need to be shared and handled much more sensitively meaning that new measures need to be put into place so that any parties you deal with know your regulations on data protection.
- It is worth creating a new data protection policy for your business. Your system security will need to be up to scratch, ensuring that any data stays protected.
- Is it time for an upgrade? It’s important to review your system’s security to ensure it is robust. If your system was hacked, you could be liable to possible penalties.
- Do you have data stored with a cloud provider? The moment you allow data to enter the cloud, you are allowing the provider to take responsibility of how the data is stored, protected and accessed.You need to ensure that requirements of the GDPR law are met through your cloud provider. You may want to consider moving your cloud host to a UK based company.
- Payroll systems might need to be assessed for security. Obviously, bank details and other sensitive data are kept within HR and can be dangerous if put into the hands of the wrong people. Your payroll system needs to be reliable and very secure. Your payroll supplier also needs to be very clear on GDPR so they are less likely to breach the new data protection laws. Most businesses use a CRM (customer relationship management) system to store sensitive customer, supplier and prospect data.
- It is important you review your internal systems to ensure they are reliable and kept up to date.
If you’d like to discuss further or have any concerns, please feel free to contact Minster on 01562 68211 or email firstname.lastname@example.org.