All businesses should have complied with GDPR as it helps to regulate the use of consumers’ personal data, but do you know what can happen if your business doesn’t apply it?
A new study by company insurer Hiscox has study the knowledge businesses owners have about GDPR, highlighting the lack of information of data protection and the repercussions of a data breach.
Some highlights from the study include:
- 9 in 10 SMEs owners don’t know the main new rights GDPR gives to consumers.
- The Information Commissioner’s Office reports that complaints of online data breaches were up 160% in the six weeks since GDPR came into force.
- Businesses’ Owners Could face fines from £7.9m to £17m if they fail on protecting consumers’ data (depending on business size, recurrence, number of customers affected, etc.).
You can view other repercussions the lack of complying with GDPR can have on your business here.