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The Government has issued a press release giving further details about the new Data Protection Bill.
The new Data Protection Bill will have the effect of incorporating the GDPR into UK law. This will help to reassure businesses that an equivalent data protection regime to the one operating in the EU will apply post-Brexit, enabling trade and data flows between the UK and EU states to continue.
However, the Data Protection Bill is set to introduce several new measures and protections that must be complied with:
A key issue for businesses and organisations is that the financial penalties for serious breaches are set to increase above the current level of £500,000. Under the new rules, the maximum fine will be up to £17 million, or 4% of global turnover, whichever is the higher of the two.
Given the substantial increase in the financial penalties it is crucial that businesses start their preparations now. A recent survey in May 2017 published by YouGov revealed that 71% of businesses were unaware the level of fines was set to increase. The same survey also revealed that only 29% of businesses had started work to prepare for the GDPR.
It is only a matter of months before the May 2018 deadline. If you would like to discuss your preparations for the impending data protection reforms, please contact one of our specialist Data Protection solicitors, Joanne Henderson or Carla Murray, on 0161 941 4000 or via email email@example.com.