Europe's data protection rules pose challenges for SMEs
LESS than a month into the full effect of the General Data Protection Regulation (GDPR), Premier League football club Arsenal FC have already been accused of being in breach of new legislation, putting both fans' data and their bottom-line at risk. Meanwhile, UK-based electrical and telecommunications retailer Dixons Carphone became the first organisation to report a major data breach which, under GDPR rules, could cost the company as much as £400 million (S$716.7 million).
The GDPR, replacing the Data Protection Directive, grants the European Commission a powerful enforcement tool in the shape of potentially hefty fines for non-compliance. For small medium-sized enterprises (SMEs) in particular, this means even the smallest error could spell ruin for the business.
However, prior to the advent of the GDPR, data from the UK's Federation of Small Businesses suggested that fewer than one in 10 SMEs were ready for the changes. Meanwhile, closer to home, a poll by EY revealed that, as at February 2018, only 10 per cent of companies in Singapore had made plans to comply compared to an average third of businesses globally.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
SMEs
Sun rising for Singapore businesses breaking into Japan market
One in three Singapore SMEs expect AI to replace or take over jobs: survey
Fintech KPay aims to triple Singapore merchant base, double local workforce
Singapore SMEs in contractionary mode for fifth straight quarter: OCBC
B2K’s second-generation leaders paw a new path in pet products
Finding a growth vector with digital solutions