You might have heard that European data regulations will be changing in 2018. You might have heard the term 'GDPR'. You most probably have thought "It doesn't affect me". But the truth is, it does affect you.
There are several reasons you've probably skimmed over any articles and information about the General Data Protection Regulation (GDPR):
"Data regulations aren't my department"
As an accounting professional you probably don't think you need to concern yourself with data regulations. Surely, that's up to either the IT or HR department, isn't it? Unfortunately not.
You do deal with data (client details, financial records and the like) and so you have a responsibility to get involved and make sure you know how to manage that data going forward. And if you don’t believe us, read this article from Accountancy Age.
"Brexit means European regulations will no longer apply to us"
Sorry but they will! The UK will still be part of the EU when GDPR comes into force on 25 May 2018 so it will affect all UK businesses. And, with GDPR comes increased responsibility as well as fines so you can't just rely on your existing data protection policy to keep you on the right side of the law.
Our advice is to get prepared sooner rather than later. Read up on GDPR and what it will mean for your business.
We have updated our own Data Protection course to include information on the new regulation.
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