Money Box Live: GDPR and What It Means For You

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 4 April 2018

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On 25th May, sweeping new data protection rules come into force, changing the way individuals and businesses deal with personal data.

The EU's General Data Protection Regulation - or GDPR for short - will give you the right to do things like ask companies and organisation to tell you what data they are holding on you, and how it's being used. It will also restrict the way direct marketing reaches your email inbox, and means you will be told if your data is compromised by hackers.

While the new rules strengthen individual rights, it's a big change for businesses, who are running out of time to comply. While some are confident they will be ready by next month's deadline, others are complaining that information explaining what precise changes need to be made is hard to come by.

And with the maximum fine of around £17 million or 4% of global annual turnover, the consequences of a company failing to comply could be huge.

In this programme we explain what GDPR will mean for you as an individual, and for your business, busting some myths along the way. As ever we want to hear your experiences; email: moneybox@bbc.co.uk.

Adam Shaw will be joined by a panel of guests: Annabel Kaye, co-founder of Koffee Klatch Nina O'Sullivan, Legal Director and Professional Support Lawyer at Mishcon de Reya Steve Wood, Deputy Commissioner at the Information Commissioner's Office

Presenter: Adam Shaw Producer: Marie Keyworth Editor: Jim Frank.

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family? When lies are still being told to this day,
0:24.0	who do you believe? I wouldn't even know where to start and I'm with the IRA.
0:28.5	Steakknife. Listen first on BBC Sounds. This is the BBC.
0:36.9	Welcome to the download of Moneybox Live, the program about your money. Today, it's all about
0:42.8	one of the biggest changes ever in the regulations regarding the way companies have to handle
0:48.5	your personal data and indeed about your rights to get hold of that data. It's something called GDPR and in the next
0:56.1	28 minutes we hope to shed more light than heat onto the debate. Many thanks and hello. There are
1:04.6	50 days to go before some very big changes to your rights and responsibilities in handling
1:09.9	personal data and if companies big or small,
1:13.0	get it wrong, they can be fined up to 4% of global revenues or 20 million euros, whichever is higher.
1:20.5	The changes come under new regulations under the catchy title GDPR or general data protection
1:26.2	regulations. As an individual, the rules give you new rights
1:29.9	about knowing what information organisations hold about you and what they can do with it. As a business,
1:36.1	you have new obligations, not just about the information you hold, but a need to ensure that you
1:41.0	have been given permission to hold it and new responsibilities about the
1:45.2	way you hold it. And all of this isn't just relevant for big companies. Sol traders such as window
1:51.9	cleaners or a small business like a florist which sends out a newsletter to prospective clients
1:57.1	also fall under these news regulations and must comply or face a hefty fine.
2:02.8	So for individuals and for companies large and small, these changes affect you. They affect
	...

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