Brokers need to be prepared for the impact of the upcoming implementation of the EU General Data Protection Regulation as it is set to have a big impact on the sector, Mark Dryden, business development director at 360 Dotnet, has warned.
He said brokers and lenders alike “need to be up to speed” on the impact of the GDPR and the far reaching implications it has for data management.
The regulation, which has been years in the pipeline, is designed to harmonise data protection regulation throughout Europe and provide the public with greater control over their personal data.
Noncompliance could result in fines as high as €20 million or up to 4% of global turnover. And under the GDPR citizens will have the right to ask for their personal data to be edited or deleted.
Dryden made his warning just weeks after a study found that a quarter of UK businesses are no longer preparing for GDPR as they mistakenly believe they won’t have to comply because of Brexit.
The GDPR will apply directly and immediately from 25 May 2018.
Dyden was talking at MBE Leeds which is taking place today at the Royal Armouries.