|Your reputation can be stolen or leaked away|
Companies that fail to keep personal data safe risk long-lasting reputational damage that can impact on the future success of the business, according to the Information Commissioner. ICO fines of up to £500,000 for breaching the DP Act are a powerful deterrent, but the negative impact created by media coverage of a penalty can have a greater impact than the fine itself. His comments are backed up by a YouGov poll which shows that nearly 80% of people would think twice about giving their custom to an online company that had made headlines for failing to stop a data security breach.
To help them preserve their ‘reputations’, the ICO has launched a self-assessment tool that will ‘help SMEs to assess their compliance with the DP Act’. The toolkit provides handy links to relevant guidance & further information, and will generate a rating based on responses.