Only 8% Ready, FSB Launches Awareness Campaign
- 90% of small firms not prepared for new data regulation
- Only 8% of small businesses have completed GDPR preparations
- Retail and wholesale businesses lagging in preparation
- Financial services sector most prepared with 82% started or completed
- FSB launching ‘BeDataReady’ awareness campaign
- UK information commissioner welcomes FSB campaign
A recent study by the Federation of Small Businesses (FSB) reveals that over a third of small businesses have not yet started preparing for the General Data Protection Regulations (GDPR), with another third only in the early stages. Only 8% have completed their preparations before the May 25th deadline. Retail and wholesale businesses are lagging, with 41% not starting and 50% in progress. Financial services firms are the most prepared, with 82% having started or completed preparations. FSB chairman Mike Cherry emphasizes the need for support and fair implementation for small firms. UK information commissioner Elizabeth Denham welcomes the ‘BeDataReady’ campaign to help SMEs navigate the changes amidst misinformation.
Factuality Level: 8
Factuality Justification: The article provides relevant information about the GDPR preparedness of small businesses and the launch of the ‘BeDataReady’ campaign by the Federation of Small Businesses (FSB). It includes statistics from a recent study and quotes from FSB national chairman Mike Cherry and UK information commissioner Elizabeth Denham. The article is informative, objective, and focused on the main topic without any significant issues related to digressions, misleading information, or personal opinions presented as facts.
Noise Level: 3
Noise Justification: The article provides relevant information about the GDPR preparedness of small businesses and the launch of a campaign to help them. However, it contains some repetitive information and could benefit from more in-depth analysis or insights.
Financial Relevance: Yes
Financial Markets Impacted: Small businesses in the financial services sector
Financial Rating Justification: The article discusses the preparation of small businesses for GDPR, which can impact how they handle and protect customer data, potentially affecting their operations and finances. This is relevant to financial markets as it could lead to changes in how these businesses operate and manage sensitive information.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.
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