Luke Godfrey, Head of Marketing at Adare SEC
Now we are compliant in a post-GDPR world, what happens next? What happens if someone asks to see all of their personal data that you hold? Can you deliver the goods?
It goes without saying that there’s a huge element of compliance required when it comes to GDPR, following its introduction on 25 May.
Policing GDPR is, admittedly, going to be difficult and although most companies are now compliant, remaining compliant is still a challenge for many organisations. As a result, businesses require efficient methods to do this.
As an organisation, you don’t want to be hit by a GDPR fine. Set at four per cent of your global turnover or €20m, it could have devastating implications on a business.
GDPR presents a question over efficiency too. If someone requests access to their personal data, businesses are required to pull everything together within 30 days and, if there’s a data breach, businesses must inform the ICO of the breach within 72 hours. So, time is of the essence.
When someone requests a copy of their personal data that is held by a company,it is referred to as a Subject Access Request (SAR) and it’s crucial that all businesses are aware of what this entails, and have processes in place to quickly deal with the request. SARs were previously chargeable, however, in the majority of cases it is now free and has to be completed within a month, or it could lead to a hefty fine.
A number of companies have reported an increase in SARs since the introduction of GDPR.
As you can imagine, this can become very time-consuming for an organisation to collate all the necessary information, especially larger organisations when this is multiplied by hundreds of customers with documents in multiple locations. Imagine all those hundreds of thousands of documents to trawl through – it would be a very time consuming task, especially if you are hit with numerous SARs in one go.
So what processes can businesses put in place to ensure SARs are responded to efficiently and timely?
One solution is using a secure document repository. Simply put, a secure document repository enables organisations to store all their documents in one secure location, enabling documents to be quickly located.
With all documents stored in one secure environment, organisations can quickly access records and perform detailed searches, reviewing all the information held on that person. This can then be downloaded and collated to be presented back to the customer in the most efficient way.
The benefits of this kind of system include saving significant amounts of time, resource and costs as potentially one person is able to quickly collate all the information. The system can also give businesses the confidence that all the required documents have been located.
Many document repositories can store numerous types of documents long-term, from digital documents to images and scanned letters. These are all indexed for quick retrieval in the event of a SAR or equally for everyday business use i.e. in a call centre environment.
Business rules can also be built in to ensure that certain information is only stored for the time it is required and then securely destroyed when appropriate, another GDPR requirement.
Although you’ve got over the hurdle of being GDPR compliant, it doesn’t stop there. By ensuring your data is stored efficiently and securely means you’re one step ahead if you do get any SAR requests and are not caught off guard.
Sunak to use budget to expand apprenticeships in England
LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.
Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.
The scheme will extended by six months until the end of September, the finance ministry said.
Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.
Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.
Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.
“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.
(Reporting by Andy Bruce, editing by David Milliken)
UK seeks G7 consensus on digital competition after Facebook blackout
LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.
Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.
“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.
“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”
Dowden said recent events had strengthened his view that digital markets did not currently function properly.
He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.
“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.
Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.
“Nick strongly agreed with the Secretary of Stateâ€™s (Dowden’s) assertion that the governmentâ€™s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.
Britain will host a meeting of G7 leaders in June.
It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.
The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.
Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.
(Reporting by William James; Editing by Gareth Jones and John Stonestreet)
Britain to offer fast-track visas to bolster fintechs after Brexit
By Huw Jones
LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.
Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.
“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.
Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.
Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.
The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.
“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.
Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.
The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.
It also recommends more flexible listing rules for fintechs to catch up with New York.
“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.
“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”
Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.
“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.
A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.
“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.
The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).
“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.
($1 = 0.7064 pounds)
(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)
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