The EU General Data Protection Regulation (GDPR) came into force on 25 May 2018 and its primary aim was to give control to individuals over their personal data.
If any business breaches these regulations, they can be fined up to €20 million or up to 4% of the annual worldwide turnover of the preceding financial year – whichever is greater.
As a small business, this could completely wipe you out.
- British Airways have been fined a record £183 million for a breach of it’s security systems. The ICO found that users of the BA website were diverted to a fraudulent site and as a result details of about 500,000 customers were harvested by the attackers. Information stolen included names, email addresses, credit card numbers, expiry dates and CVV codes.
- International hotel group Marriott is to be fined almost £100 million after records of 339 million guests were stolen. Personal data including credit card details, passport numbers and dates of birth were obtained in the global hack.
It is particularly important that companies formed since 25 May 2018 ensure their GDPR policies are in place as they would not have received the reminders and information that existing companies would have received prior to the regulations coming into force.
The protection of our client information is fundamental to our relationship with our clients, and complying with GDPR helps us do this. This is the reason why at Leggate Associates Ltd we are so stringent about how we send information to you. We know it can be a nuisance that we can’t just sent you your tax return or attach documents to an email but we are ensuring that your data is protected at all times.
We strongly advise you to seek appropriate advice before taking action on any of the points listed above.
All information contained in this document are correct at the time of writing. Legislation and regulations may change at any time.
If you are in any doubt, please call us for clarification.
About us: Leggate Associates Limited was formed by Andrew Leggate LL.B FCMA FCA CGMA who has over 35 years of tax and accountancy experience in industry and practice, and the practice is managed by Joanne Leggate FMAAT ATT. Our clients range from building subcontractors to multi-million pound concerns and high net worth individuals all over the UK. Please see our website www.leggateassociates.co.uk or follow @LeggateAssoc on Twitter for occasional updates.
© 2019 Leggate Associates Ltd