Data breaches: preparing for General Data Protection Regulation rules - GDPR

Changes to data protection laws will have wide-reaching impact on UK companies and subsidiaries, with tough penalties for non-compliance when the EU General Data Protection Regulation (GDPR) is introduced in 2018. Huw Beverley-Smith, a partner in the technology transactions group at Faegre Baker Daniels, considers the implications for accountants

From 25 May 2018, the General Data Protection Regulation (GDPR) replaces the 1995 Data Protection Directive and the national laws transposing the Directive. The GDPR is the most significant piece of European legislation regulating the collection and management of personal data – a key asset and potential source of significant liabilities for many modern businesses.

It will be directly applicable in all EU member states, without the need for any national implementing legislation and is intended to provide much greater harmonisation than at present. The UK will adopt the GDPR, despite its planned withdrawal from the EU in 2019.

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