13 Feb GDRP and the importance of security
Hardly a day goes by without an article appearing in a national newspaper detailing a data leak, some kind of digital security flaw, or the latest cybercriminal activity to be on the lookout for. Taking care of important and sensitive documentation can be a complicated business, and that’s something that an accountant can help with.
General Data Protection Regulation (GDPR)
If you haven’t heard of GDPR, don’t worry – that’s why we’re here. Simply put, GDPR is a piece of EU legislation that sets a new, enhanced bar for security, privacy rights and compliance. It will apply to all companies and businesses throughout the EU, and because it is to be implemented in May 2018, will also cover the UK, regardless of how Brexit negotiations progress.
The role of the accountant with regard to GDPR will be twofold. Firstly, accountants will be able to assure clients that their data is now protected with even higher levels of security, and will have to abide by certain rules to ensure compliance. Secondly, it makes accountants far more accountable (if you’ll excuse the pun). It means accountants could very well be held responsible should something untoward happen, especially if data has not been stored or interacted with properly.
Keeping clients safe
All accountants want to give the best possible service to clients. Making sure that all tasks are completed on time, and that everything is entirely above board, is an accountant’s bread and butter, but it’s the added value elements that keep a client loyal.
Because many accountants now interact with clients over the internet – be that via cloud-based systems, email or direct messenger – it is incredibly important to be aware of potential cyber threats, how that can be avoided, and what should be done should any systems or files be compromised.
GDPR will provide an additional security blanket for clients, and means that an additional emphasis on security will most certainly be at the front of accountants’ minds. This is especially true given that should a business be found guilty of non-compliance when it comes to GDPR, it could result in a fine of £20m or 4% of annual turnover – whichever is higher. These are, of course, not numbers to be taken lightly.
If you’d like to know more about how GDPR could impact your business, and how an accountant can help ensure you are entirely compliant prior to its implementation, get in touch today.