GDPR and Brexit: How Will It Affect UK Businesses

The UK still remains under the authority of the European Union until it leaves at some point. This means that certain laws and regulations still apply for as long as the country remains under the jurisdiction of the EU and businesses in the UK need to comply with those standards in order to avoid paying various fines that can be sometimes very costly.

A good example is data protection. There are new regulations imposed by the EU that are going to come into effect in May 2018, which is not that far into the future. The fines for not complying with those regulations can easily reach up to millions of Euros. It is therefore of utmost importance for companies to learn the new laws quickly and understand them as much as possible even before they come into effect. When this is the case GDPR consultancy comes into play.

So what is all the fuss about GDPR anyway and why business owners should be so concerned about it? In a nutshell, GDPR stands for General Data Protection Regulation. The law stipulates that EU citizens must give explicit consent for all sort of information about them (including personal information) and their data to be held in a company’s system. What is more, they have a right to delete, transfer, access and correct that personal information at any time without any restrictions.

So what does it mean for UK-based companies? They need still to comply. After the UK leaves the European Union, if a company does business with any of the member countries the law still applies.

If you are unsure how your company should comply with the regulation, you might want to ask somebody for help with it. I can completely understand why business compliance can be such a huge issue these days and why so many business owners choose to outsource that area of their businesses to somebody else. After all, they have some other, more important things to attend to and they might not have enough time to be able to take care of every aspect of running their business themselves.

Leave a Reply

Security Code:

I am discussing all kinds of business and finance topics on this blog and I hope that the information I provide will prove to be useful.