BLM and risk management association, Airmic are urging risk managers to prepare for new EU data protection legislation that will come into force next year. Failure to comply with the new, more demanding regulations can result in much larger fines.
Last year European Parliament approved new General Data Protection Regulations and they will become law in EU countries in 2018.
BLM and Airmic joined forces this year to launch a new report entitled The EU General Data Protection Regulations: What risk managers need to know.
Nick Gibbons, partner at BLM, said that although there is good awareness about the GDPR, the full extent of the changes have yet to be appreciated. “There has been significant interest in GDPR amongst risk managers; however, for understandable reasons given the complexity of the legislation, many do not yet appear to have a clear understanding of current data protection law, let alone the particular changes to it that will be wrought by the new regulations.”
The full article which includes further information on the regulations can be seen here in an article on Airmic’s website. You can also download a copy of the report on this page.