One in four London businesses are not aware of new data regulations that are due to come into law in a few months, according to a new survey.
The London Chamber of Commerce and Industry (LCCI) poll of more than 500 businesses found that of those that believe the new General Data Protection Regulation (GDPR) will affect them, just 16 per cent are prepared for it.
The GDPR is due to come into force on 25 May and will replace the 1998 Data Protection Act with tougher fines for breaches and non compliance. Offending companies could be fined up to 4 per cent of global annual turnover, significantly more than the current maximum penalty of £500,000.
Read more: There's more to GDPR than just fines
Chief executive of LCCI Colin Stanbridge said: “Businesses that are already vigilant about their data protection responsibilities are unlikely to be unduly burdened by the new legislation.
“However, we would urge businesses to take this opportunity to review their processes to see if they need to make any changes to be compliant.”