Cyber Attacks? Privacy Breaches? Reputational Damage?

The EU GDPR has now been approved, and will come into full force in April 2018. It is set to increase fines for Privacy Breaches to up to 4% of a company’s global turnover – making Privacy a top ten risk for most organisations. The new regulation will mean that Privacy issues which arise will be subject to the new EU rules rather than the current UK General Data Protection Regulation of today. Now is the time for businesses to develop a robust Privacy strategy and ensure they’re in a strong position ahead of the change.

For more detailed information on the key changes in Privacy Regulation through the EU GDPR, you can download our guide here, and see whether you are ready for these changes or if there is work to be done.

Why else should smaller businesses be making Privacy a top concern? Will it really ever affect their company and bottom line? Or is it all just scare tactics that larger corporates and tech companies would have us believe? Unfortunately, it is now an area of concern for every business, and importantly for every individual.

Ignoring Privacy organisational risks could result in:

• Reduced ability to create value – getting Privacy wrong could effect a business’s ability to use Personal Information, impacting value creation, service offerings and business flexibility;
• Cost to the business – both by legislative fines (EU GDPR), and that of fixing the damage;
• Reputational damage – that can be long lasting and affect brand, client retention and ability to win new business.
• In the last few months alone, KPMG’s Privacy Advisory team in the Midlands has worked with numerous SME’s in the region.

At KPMG in the Midlands, we have a dedicated and experienced team of Privacy experts who can work with you to understand the gaps in your Privacy vs your business needs, and develop a Privacy strategy that is best for you. If you’d like an informal meeting, one of our team would be happy to come for a visit. Please contact KPMGMidlandsEnterprise@kpmg.co.uk in the first instance.