Many businesses, particularly smaller businesses are still rather confused about the new General Data Protection Regulation (GDPR) and specifically, how it will affect them.

GDPR IN A NUTSHELL
GDPR comes into force from May 2018 and is essentially about increased control and security of the personal data you hold as a business. Many of the existing principles of the current UK Data Protection Act are being carried over into GDPR – but it is more wide-reaching, giving clients much greater control over what happens with their personal information.

HOW DOES THIS AFFECT YOUR BUSINESS?
A key element of GDPR is to recognise that the customer is in the driving seat where data is concerned. If you collect personal data of any kind then GDPR needs to fit within your business.
But, don’t start getting too worried, it is likely that you are already covering off many of the key elements of what is incorporated within GDPR…
Customer consent
Obtaining clear consent from clients will need to adhere to strict conditions. A customer must have the option to opt-in to receiving communications from you and they also have the right (and ability) to withdraw consent at any time.
Personal data, access & data security
How do you currently store your data? On paper or in digital format? Who can access this data? Where does your data come from? The customer has a clear right to request access to the information you hold about them and to also request full deletion of this data.

Internal Training
Whilst senior management needs to make the key decisions around GDPR and ensure it is implemented, it makes sense that your colleagues have an understanding of GDPR, after all the reputational risk could be huge if a breach occurs through a simple lack of knowledge.
But there are benefits to GDPR….
By getting yourself GDPR ready you are showing your commitment to the correct handling of data and valuing your customers privacy.
The process will no doubt better the security of your data and the reputational risk will reduce, plus having this control over your data means you will be much closer to your customers with the ability to improve relationships and improve retention.
Here at Lifetime Trustees Ltd. we are busy getting GDPR ready in advance of May 2018!