At Seawave Media we have long awaited the finalisation of the new EU data laws, which were published in their full form in May 2016. As a leading consumer data provider, it is a top priority for us to remain within the law and ensure we’re providing our customers with fully compliant data.
This latest EU move towards improving data security encourages us to stay one step ahead and we’re pleased that the new regulations will prioritise data compliance among UK businesses from 25 May 2018, when the updated laws come into effect.
Now known as the General Data Protection Regulation (GDPR), the new laws aim to bring all European countries in line when it comes to how they use, share and store data. Some of the most notable changes include:
- An obligation for companies to actively prove their compliance
- The rewriting of all data protection policy notices to ensure they are clear, accessible and concise
- The necessary justification of data use ahead of all data processing
- The completion of impact assessments that ascertain an individual’s personal risk in having their data shared and stored will be required more regularly
- All data failing to comply with new EU laws should be deleted, frozen or corrected
- Any data breaches must be reported to the Information Commissioner’s Office (ICO) within 72 hours, where further investigatory powers can be utilised
Another significant change includes the increase of the maximum fine for breaching the GDPR to €1 million (£762,000), or two per cent of a company’s annual worldwide turnover. Although a daunting sum for many smaller companies, this figure has been introduced to drive home the importance of data protection, and to ensure the privacy of opt in data is taken seriously.
Despite the new hefty fine, industry experts argue that the biggest concern for many companies will be the new rights of individuals to request information about how their opt in data is being shared or used. Although this right was included in previous versions of the law, the changes mean the information should now be made available to individual consumers “without undue delay”. Experts suggest the implementation of this could be particularly problematic for small businesses, which may lack the technological ability to find all of the information they require about an individual.
With less than two years to prepare for these data protection changes, companies don’t have long to ensure they are fully compliant. As a top UK list brokers, Seawave Media is taking the lead as the updates loom, and we’re already working to provide businesses with fully compliant data within EU regulations before the new laws come into force.
By relying on top data providers, businesses can feel confident they’re gaining the full benefit of consumer insight without the risk of breaching European laws. Such insights are increasingly valuable for marketers across the country and, as companies, continue to take advantage of the opportunities in a digital world, the development of such data protection laws is becoming crucial for both business and consumer.