Mitigating The Impact Of Data Protection Regulation On Small Businesses
The Federation of Small Businesses (FSB) evidence suggests that, in terms of data protection regulation, the optimal regulatory balance has yet to be achieved for small businesses. Many are struggling with current data protection regulations. And the cumulative burden will only increase as the General Data Protection Regulation (GDPR) comes into force.
As GDPR approaches, FSB evidence highlights the low levels of small business awareness and preparedness. Worryingly, a significant proportion of small businesses are not aware of the new regulation at all. And even amongst those that are, there is a widespread lack of understanding about how this complex law applies to their business. The transitional costs attached to the implementation of GDPR are deeply worrying.
- Just under one in five (18%) smaller businesses are unaware of GDPR
- One third (34%) of smaller businesses are aware of GDPR, but have little understanding about its requirements
- Of those small businesses that have taken steps to comply with GDPR, only eight percent report having completed their preparations
- 37 per cent of sole traders have not started preparations for GDPR
- 35 per cent of microbusinesses (1-10 employees) have not started preparations for GDPR
- The average cost of GDPR compliance is around £1030 per business