Most jurisdictions now require central registration of persons and organisations who hold, process or otherwise deal in data. In England, for example, this is via registration at cost with the Office of the Information Commissioner.
This is rightly part of a global initiative to regulate those who hold data with a view to ensuring people's rights to privacy are not invaded.
Eligibility criteria for registration is very broad and can include simply the sending, receiving and retaining of email communications.
Registration must be renewed annually by application accompanied by payment of the relevant fee. The fee increases in most jurisdictions in accordance with pre defined categories of eg applicant turnover size and extent of data processing.
Failure to register, renew or update existing or additional business names can result in fines being levied, which can at times amount to a sizeable percentage of annual turnover.
Thus registration and renewal is a very important issue, but one often overlooked in the thrust of the day to day operations.
There are a number of reasons (other than avoiding a substantial fine) that businesses would be well advised to comply.
Firstly, it demonstrates that a business takes data seriously from day one. As well it should, given data is now one of the biggest assets on the balance sheet of many businesses. See our post entitled "Break Time Quickie - Keep Stressbusting™ Assets Visible" for the importance of this.
Secondly, it gives credibility to the business in the eyes of banks, other funders, customers & suppliers alike. A simple search of the online register can disclose to these critical strategic partners whether or not a business has kept up there registrarions, and as many of these partners are highly regulated in their own right, they may prefer to work with businesses which comply with their own regulatory regime as well. We discuss the wider importance of compliance in our post entitled "The Relationship between Legal Compliance & Stressbusting™"
And thirdly, up to date registrations could result in a lower or reduced premium being imposed if and when applying for cyber threat insurance so critical to protecting data and the interests of key stakeholders - see our post entitled "Make Insurance relevant to StressBust™ optimally" for further info.
If you are affected or concerned by anything contained in this post and would like us to assist or make an introduction to a specialist who might be able to as appropriate, feel free to reach out to us in confidence via our "Contact" page.
For further information in this regard, please consult our "Legal Notices" page.