Most UK Micro-businesses Not Ready for New EU Data Rules  

  

We’re only 90 days away from the European Union’s GDPR deadline, and over 90 percent of micro-businesses in the United Kingdom haven’t complied with the regulations, a survey indicates.

According to the FSB (Federation of Small Business), only 8 percent of small companies agreed to have completed their General Data Protection Regulations arrangements. Around 35 percent are still in the early stages, and a whole 33 percent haven’t made any effort.

In response to these shocking findings, the FSB is planning to initiate a GDPR awareness campaign branded “BeDataReady.” This operation is expected to run until the 25th May cut-off date and is aimed at assisting over 5 million small firms.

Even more scandalous results were the fact that 18 percent of small firm owners are not even aware of the GDPR, and another 34 percent have a shallow understanding what it entails.

These results by FSB do not differ much from LCCI’s Jan. 2018 poll that studied over 500 businesses and realized 24 percent of companies in London are unaware of this regulation.

Industries like Hospitality, Entertainment & Arts are the least prepared. Over half of merchants from these industries said they haven’t started implementing the changes. In comparison, in the retail & wholesale sector, 41 percent have not begun preparations, next is construction with 37 percent and manufacturers at percent.

So far micro-businesses in the commercial funding sector or merchant account providers are the most prepared. Only 15 percent haven’t started, the majority— 80 percent—have started or finished their preparations. The same is true for the ICT market where 15 percent have made no move, but 75 percent have either started or completed making arrangements.

Mike Cherry, FSB’s CEO said the organization is well placed to extend a helping hand to micro- businesses. The support includes helping them get the data ready while also ensuring the government is fair in the regulation it implements for small companies

Conclusion

If you fall in the category of UK business that haven’t done anything to meet the GDPR rules then it’s time to act; time is running out.

Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who also enjoys writing, playing guitar and camping. Bestpaymentproviders is one of the best UK merchant account providers, serving both traditional and high-risk merchants.