GDPR the changing face of data protection

The clock is ticking for the most significant change in data protection in decades. From May 25th 2018 all businesses (including accountants) will need to ensure they comply with the new General Data Protection Regulation (GDPR), regulations. These new regulations attempt to balance the rights of the individuals with the needs of businesses. To help businesses the regulators have defined 6 data protection principles providing a foundation from where business can build their data protection policy.

Our Survey said

To gauge the readiness for the change we conducted a survey of our customers. With over 550 responses the results present a good insight to their state of preparedness. The results are summarised here:

• 81% of respondents are aware of the new GDPR legislation of which only 40% felt they or their employees could apply the principles of personal data protection
• Over 60% of practices have designated a data protection lead with responsibility for ensuring GDPR compliance 
• Of all the client data held less than 42% could demonstrate they have the necessary basis to hold the data in their systems
• 82% of practices still use paper or email to share financial details with their clients
• 41% of practices use paper to store their client data 
• Reporting IT breaches to the authorities and clients is a key element of the GDPR regulations and only 25% of respondents felt they had procedures in place to detect, report & investigate a personal data breach

It’s clear to see that many accountants are aware of the GDPR legislation and preparing their practices for the forthcoming deadline. What’s also clear is that all organisations from the smallest sole practitioner to the largest accountancy firm will need to change some existing processes and probably add new ones.

To ensure compliance practices need to prepare themselves by educating their staff and their clients. They need to assess their existing processes, evidence their assessment and then take action to resolve any short comings to ensure compliance.

Get to grips with GDPR

IRIS is here to help practices to get to grips with GDPR. IRIS have a range of products and services to help practices on their journey. We have created a new whitepaper for Accountants, introducing GDPR and the forthcoming changes. We’re also offering a range of training courses.