GDPR: it could cost you €20million!

If you haven't cleansed your data yet, you should probably get started. New government legislation coming into force May 2018 revamps current Data Protection laws, and the fines for not complying are so huge that you could easily be forced to close down!

What is GDPR?

GDPR stands for General Database Protection Regulation. Like the DPA (Data Protection Act) before it, GDPR, a regulation of the European Parliament, defines the way in which sensitive information and personal data collected on individuals is to be handled. However GDPR is written to be more extensive in scope and application, including advancements in technology, and most notably the growth of the internet. Although the UK have voted to leave the EU, the government have announced that the commencement of the GDPR will still go ahead.

What do you need to know?

Personal Data redefined

Personal data in the DPA refers to information that can be used to identify an individual, such as their name, contact details, address etc, and any documents that contain them. GDPR has updated this definition to include online identifiers, such as IP addresses, anything that can be traced back to an individual which therefore identifies them (even your internet history…)

Changes in legislation

  • Customers will have to give consent for their information to be used and stored
  • Customers have the right to request details regarding their personal data. You MUST provide this, free of charge
  • Customers can request their data to be removed and destroyed by you
  • An audit trail for every individual's data is required
  • Loss of Data needs to be reported within 72 Hours
  • Data = all online, handwritten, and printed documents

Why a GDPR breach could shut down your lettings business!

GDPR is in place to protect individuals sensitive and personal data, and to prevent it from getting into the wrong hands. As information goes, it doesn’t get much more personal than credit history and financial holdings, these are just a couple of the sensitive documents that agents gather from prospective tenants on a daily basis.

Fines are huge! (Up to €20 million)

The fines for noncompliance are more extortionate than a price of a pint in London! Whether you want to believe it or not, you could face fines up to €20 million!!!!!!!!! That’s right, €20 million!!!!

With fines (up to €20 million!!!!!!!) and the data you’re holding, there is no doubt that agents are going to have to be extremely thorough in compliance.

What to do now

  • Understand what personal data is under the new definition
  • Everyone working for you needs to understand the changes, so staff will require training
  • You must know where all your data is stored, how and when you got it (for audit trail)
  • Get a plan in place for data breaches
  • If you outsource any work to companies make sure that they are working within the regulations also, click here to read the legislative act in full.

Act quick

The GDPR will apply in the UK from 25th May 2018, with fines of up to €20 million!!!! With seven months left until the deadline we suggest setting aside time and resources for addressing the issue before it is too late!

How Reposit can help you avoid a €20 million fine!

Reposit offers free referencing and an easy to use online platform, all services that can save you time. This is time that you can use to update your data sets and to train staff so that you can avoid the €20 million fine. Click the link below to find out more about how Reposit can help you save time and resources so you can be prepared for 25th May 2018.

Click here to discover how Reposit can help you