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“This new Data Protection Bill has the potential to completely reshape the way we approach data protection in the UK, and comes at a time when many companies, both large and small, are being overwhelmed with data. It presents a pragmatic approach as under the new laws journalists, financial firms and anti-doping bodies could receive exemptions to protect personal data, in instances like protecting freedom of press and preventing fraud.

“However, at the same time it brings into focus how important maintaining the security of the data is, UK firms that suffer a serious data breach could be fined up to £17m or 4% of global turnover, meaning that now more than ever how you manage data privacy could become as important to customer retention as the overall buying experience.

“This level of punitive risk has the potential to become a make-or-break factor for many organisations. Development of a mature approach to data in this modern age is therefore critical, and the first step is recognising that data protection, storage and assessment is a key part of the overall business. Companies both big and small must build teams that reflect this reality, and take responsibility for the data they hold. With great power comes great responsibility.”