GDPR is coming – What are the penalties for a breach?
If you are involved in any kind of business that uses call recording, then you should be well on the road to being ready for GDPR and telecoms laws to come into full effect. As of May 2018, every business who records calls with sensitive customer information will have to follow the new GDPR laws or face severe penalties. As such, if you haven’t started planning for it yet, then you need to get on with it asap!
But what are the expected penalties for a business who doesn’t fully comply in terms of call recording?
The price of non-compliance?
If you neglect your obligations under the new GDPR act from May 2018, then the fines you may face stack up as follows:
A 10,000,000 Euro fine or 2% of the organisations worldwide turnover for breaches in areas including consent of children, transparency of any communication or information, data security and transfers associated with binding corporate regulations.
A 20,000,000 Euro fine or 4% of global business turnover for breaches around data processing, general consent, subject rights of data, failure to comply with a DPR order and data transfer to any third parties.
What other information do businesses need to know?
Although the above information is not exhaustive, it does set out the main areas of compliance for companies to follow within GDPR and telecoms. If a business does get hit with a penalty, the fine or percentage of worldwide turnover will be applied based on which is the bigger figure. In addition, penalties will be applied for material damages as well as non-material damages.
Following the new GDPR laws will be key.
As the above-expected fines for non-compliance show, the price of not getting up to speed is severe. If your business is found to have committed any proven breaches in the above areas then the cost will be very high. As this clearly shows, taking the time to fully understand GDPR and implement steps to follow it within your organisation is essential.
If you have not started yet then time is ticking – don’t delay any further and get to grips with this issue today! It may seem you have plenty of time to get ready yet but it will be upon you before you know it. Getting your company ready in good time will help you avoid any of the above nasty surprises for not complying, call us now on 01625 466600 to discuss your GDPR strategy.