With new GDPR legislation being introduced in 2018, Comsure are holding a session to inform local businesses of the changes that will impact areas of fintech, regtech and digital marketing.
The session is supported by the Digital Jersey Hub and will increase awareness of the need to maintain EU adequacy when the legislation comes into place, providing businesses with a step-by-step guide to ensuring they are compliant in support of Jersey’s ‘best in class’ reputation in this field. Having this insight will be essential for businesses to avoid tough penalties put in place for failing to comply, including a fine of up to 4% of annual turnover or €20million, whichever is greater.
Held on 7th June, 08:00-09:00 in the Hub, the breakfast briefing will look at key potential developments including updates in network protection, embedded (automated) processes and employment opportunities as a result of the mandatory or commercial need for certain companies to have a data protection officer (DPO), or a data protection adviser (DPA); and the key legal differences between the two. It will also be a chance to learn about the available certified training courses on-Island that enable local businesses to up-skill their staff without the need to travel.
Paul Declat, Comsure Group Chairman, said "Best practice is a standard often claimed, though rarely proven. GDPR has the requirement to maintain evidence of best practice; known in the finance industry as 'reverse burden of proof', which means you are assumed guilty until proven innocent. Therefore GDPR has significant potential to benefit those who adhere to best practice, while punishing those who do not, and thereby creating market clarity and trust that will benefit those who invest in meeting or exceeding the standard".
Tony Moretta, Digital Jersey CEO, said “Your customers’ data is the most sensitive and valuable information you hold. Whilst Data Protection can be challenging, it also presents opportunities for your business in terms of improved digital systems and enhanced cybersecurity. Sessions like this that work towards greater awareness of GDPR and provide a practical view of how to ensure your business is compliant are a step in the right direction”.
“I welcome local business seeking to deliver local market solutions", said Emma Martins, the Jersey/Guernsey Information Commissioner, "Whilst the GDPR will place additional compliance requirements on all those processing personal data, it is clear that if we as a jurisdiction do that well, we can leverage significant advantage. Good data protection and security is a commercial differentiator in today’s internet and digital era."