You may have heard talk on the news about GDPR – General Data Protection
Regulation – here is a short guide to explain how it could affect you
It’s the biggest change to UK data privacy law in 20 years
Thanks to technological advances, the amount of personal data being generated is rapidly increasing – every time you shop online, use your favourite app or ‘like’ a photo on Facebook you generate data – which is why the law needs updating to better protect people. All companies have to review how they manage all personal data – from customer email addresses to employee bank details – and ensure they are GDPR-ready by 25th May 2018.
It will give you more control over your personal data
GDPR is all about giving you more control on how your personal data is used. You’ll have greater visibility and control over the personal data organisations hold about you – whether it’s something as simple as your name, or as complex and sensitive as medical information. This means you can have greater confidence that information about you is accurate, up-to-date and properly managed.
You can choose who contacts you, and how
Over the coming months you’ll probably notice a lot of organisations asking for your consent so they can contact you about offers, products or services they think you’ll find useful or interesting. To comply with GDPR, these requests need to be really clear and straightforward. You get to choose who contacts you and how, for example by email, social media or phone.
You can change your mind at any time
If you give an organisation permission to contact you, it doesn’t mean you can’t change your mind in the future. Under the new rules, it should be easier to update your preferences on what you want to receive and how.
Your data will be better protected
GDPR also aims to make sure that all organisations holding personal data have the right processes in place to protect it. Organisations who put customer data at risk will face hefty penalties.
What happens next?
As a London Mutual Credit Union member, we’ll soon be asking you to choose how you‘d like to receive updates from us on features, products and offers. For example, if you use Online Banking or our mobile app, you’ll soon be asked to make your choice. There will also be other opportunities when you speak to us in the coming months to let us know your preferences
