The regulation of personal data is important. It builds trust among customers and potential customers in businesses that use personal data. However, we need to strike the right, proportionate balance between building that trust, while minimising additional regulatory costs that fall on smaller businesses. Disproportionate costs inhibit small business growth and productivity, damaging the UK economy.
FSB evidence suggests that, in terms of data protection, the optimal regulatory balance has yet to be achieved for small businesses. Many are struggling with the current regulatory stock of data protection regulation. And the cumulative burden will only increase as the General Data Protection Regulation (GDPR) comes into force.
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