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How Will GDPR Impact My Business?
General Data Protection Regulation (GDPR) is just over a year away – and many UK Businesses are nowhere near ready.
What Is GDPR?
GDPR is a result of the European Commissions view of reforming data protection across the EU, and across its various member states. The primary objective of GDPR legislation is to help protect personal identifiable information of EU members and residents across all different types of organisations, providing those individuals with a right to be forgotten; they now have more control over their information.
GDPR legislation is an extremely important topic, as anyone who manages or processes personal identifiable information of EU residents will be subject to this legislation in one way or another.
How Will GDPR Impact My Business If We Do Nothing?
There are potential financial sanctions and a huge effect on brand in terms of customer loyalty. In some instances for large enterprises we could see up to 4% of global annual turnover being part of the sanction; a staggering amount of money. British businesses could face fines totalling more than £120bn, following the enforcement of new data protection laws in May 2018.
How Can We Prepare For GDPR Legislation?
Freedom and GCI can provide businesses taking telephone card payments with an enhanced fast-track service which reduces PCI compliance controls by 98%, helping your business achieve GDPR compliance quickly, cost effectively, and with limited disruption.
GCI’s application suite adheres to both PCI DSS and GDPR, enabling your firm to comply with international standards. It’s important to remember that data that doesn’t exist cannot be breached; and GCI’s process removes credit card data from the business entirely.
Learn More About GDPR Legislation
GCI are running a webinar on Thursday 23rd February at 10am that will explain how to solve the changes of General Data Protection Regulations that come into force in May 2018, highlighting what actions need to be taken to protect your business. For more information, click on the image below.