Most small and medium sized businesses (SMEs) are still unsure about the impact of the EU’s General Data Protection Regulation
(GDPR), which was adopted in April 2016 and takes effect within two years.
In the latest Close Brothers quarterly survey of UK SME owners and senior management, 82% have either not heard of GDPR or don’t understand its impact; a further 14% say they will need to take further advice.
Only 4% of SMEs say they understand the legislation and are clear about the effect GDPR will have on their business.
Ian McVicar, managing director of Close Brothers Technology Services, said: “GDPR is one of the most significant and anticipated pieces of legislation conceived in the EU in recent years. These results demonstrate that there is a clear lack of understanding at all levels and across all sectors.”
To help businesses prepare for GDPR, Close Brothers Technology Services is working with International Data Corporation (IDC) and developing a series of business guides on the subject. The first of these, Technology Solutions to the GDPR Challenge, is available for download from the new Close Brothers Technology Services website.