business risks are vital

The 4 Essential Business Risks For Every Business Owner Must Know

00Business Resilience, Business Risk, ISO9001, Risk Education, Risk Management

The 4 Essential Business Risks Every Business Owner Must Know

Whether you are an SME or an international corporation, you will have been and are exposed to business risks on a daily basis. Unfortunately, no business is immune regardless of its size or industry presence. Risks and issues come in many forms including Financial, Operational, Supply Chain and Cyber. Each type of risk or issue is as detrimental to a business as the others.

The word risk seems to be becoming commonplace in our daily conversations both in and out of the office. The concept of risks and issues can seem confusing and these terms often used interchangeably. Those in the know are guilty of assuming that people know what risks and issues are and how much they can impact a business.

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Complying To GDPR

What Are The Consequences Of Not Complying To GDPR?

00Business Risk, Cyber Attack, Cyber Security, Data breach, GDPR, IASME, ISO27001, Latest news, Risk Education, Risk Management

So what are the consequences of not complying to the EU General Data Protection Regulations ?

I recently wrote a blog ‘What is GDPR and why do you need it?’ to highlight the real meaning behind why data protection is changing.

What Are The Consequences Of Not Complying To The GDPR?

The UK Government and Information Commissioners Office (ICO) have declared that no new legislation will be introduced to cover the growing threat of cybercrime as this is a business owner responsibility to address.

What they will enforce though is legislation about the use of data… If data is protected then at least any cyber-attacks will mean that personal data is (or should be) protected and safe.

What Are The GDPR Fines Or Punishment?

So the focus is on the GDPR and the penalties for non-compliance are eye watering

  • Infringement of Articles 5, 6, 7 and 9 carries a penalty fine of up to €20M or up to 4% of total global revenue of the preceding year, whichever is greater.
  • Infringement of Articles 8,11, 25-39, 42 and 43 carries a penalty fine of up to €10M or up to 2% of total global revenue of the preceding year, whichever is greater

In summary, we know that the GDPR is coming, that it will become law in May 2018, that it is important, that it should not be ignored and that there will be some pain if we fall short.

You need to comply to the GDPR so the question is…

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