Why compliance management is becoming more important than ever.

£310,000.  Take a deep breath and read that figure again.  £310,000 is the average maximum cost of a data breach.  This is up from £115,000 in 2014, a rise of 170 percent and don’t just think that this only applies to the ‘big boys’ because GDPR applies to all businesses across the board – including the smallest finance brokers.  So if you’ve not already made changes to how you collect, store and use data you need to take action now!  You simply cannot afford to leave it and if you are uncertain how to undertake these crucial compliance management processes we would recommend that you contact Asset Finance Solutions without delay.  Because we can help you!

The General Data Protection Regulation (GDPR) is scheduled to become active on the 25th May 2018, which is in less than a year’s time.  It is a new set of rules governing how businesses collect, use and share data from EU citizens and people operating in the EU.  This doesn’t only mean businesses within the EU, but it applies to any business, anywhere in the world, that does business within the EU.

Rising levels of cybercrime have motivated these changes and the truth is that smaller companies, including finance brokers, are more vulnerable to attack because smaller generally means that you are an easier target.

Preparation to ensure that your business is compliant is vital and the sooner you commence your compliance management process the better.  Compliance management simply cannot be put off, but fortunately thanks to our outstanding and industry proven Compliance Capacity credentials, along with our FCA regulation experience and expertise we are able to advise and assist asset finance brokers of all sizes, even single owner-operated businesses, to ensure that they do not leave themselves open to breaches and prosecution.

We cannot stress enough that you must not delay your compliance management preparations.  The more time you give yourself the better position you will be in.

Also, don’t forget that by speaking to AFS now and commencing your compliance management programme early it isn’t just a way of protecting yourself against GDPR breaches … it will also enable you and your business to be in a better position to meet the opportunities and challenges ahead and to provide a better service for your customers.

There really is no time like the present.  So do it now.  Pick up the phone and speak to us right away. You can call us on 01254 958 777.  You can also email: enquiries@afsuk.com or you can send a message using the online form on our Contact page.