Changes to student loan repayment thresholds, warnings of data breaches, and help for those businesses affected by the recent riots
Today’s blog post discusses a wide range of topics, starting with the latest changes to student loan repayment thresholds, a stark warning regarding the consequences of data breaches, and details of support provided by the FBS for small businesses affected by the recent riots.
Updated interest rates and repayment thresholds for student loans announced
The latest annual update to Student Loan interest rates was made last week by the Department for Education.
Different rates and thresholds apply depending on the type of student loan and the new rates will apply from 1 September 2024 to 31 August 2025.
Those running payroll may want to be aware that the rates are changing in case of queries from staff with student loans who notice a change in their deduction in their September pay packet.
For details of the rates, see: https://www.gov.uk/government/news/student-loans-interest-rates-and-repayment-threshold-announcement–5
Former Employee Fined for Data Breach: What Your Business Can Learn
A recent case involving a former employee of Enterprise Rent-A-Car highlights the importance of robust data protection measures.
Jonathan Riches, 46, was fined £10,000 and ordered to pay £1,700 in costs after pleading guilty to illegally accessing motorists’ personal details. This breach, which occurred between 2009 and 2011, involved Mr Riches using his former connections at Enterprise to obtain sensitive data for personal injury claims. According to the Information Commissioner’s Office, he made hundreds of thousands of pounds in financial gain as result.
Mr Riches, who had previously settled a civil case with Enterprise for £300,000, fled to the U.S. in 2016 after being summoned to court but eventually returned to face justice in 2024. The case underscores the importance of maintaining strong data security procedures for employee access to business systems.
So, what can your business learn from this? Here are some key takeaways to help you avoid a similar situation:
1. Strengthen access controls:
Sensitive data should only be accessible to employees who need it. Therefore, regularly review who has access and update permissions as and when roles change within your business.
2. Implement robust data security policies:
Having clear and comprehensive data protection policies in place is essential. These policies should be communicated to all employees, who will need regular reminders to ensure that everyone understands their role in protecting client information.
3. Monitor and audit access:
Your systems should be capable of monitoring who is accessing your data and you should arrange for regular audits to be carried out. This can help you spot any unauthorised access early and take immediate action.
4. Effective employee offboarding:
When an employee leaves your company, it’s vital to revoke their access to your business systems and data immediately. This step helps prevent any potential misuse of information after their departure.
5. Prompt reporting and response:
If a data breach does occur, you should report it to the appropriate authorities immediately. Having a clear action plan in place ensures you can respond quickly so that you can minimise any damage caused and protect your business.
By taking these proactive measures, you can better safeguard your business against data breaches and avoid the legal and financial repercussions that come with them. Ensuring your data protection practices are up to date not only protects your clients but also strengthens your business’s reputation and trustworthiness.
FSB Insurance Service provides advice for riot affected businesses
The recent riots have left many small businesses dealing with damage and disruption.
The Federation of Small Businesses (FSB) Insurance Service has created some guidance to help businesses that have been affected.
The guide includes practical steps that businesses can take when experiencing or expecting problems.
It also encourages businesses to check their insurance coverage. All policies are different so it may be necessary to check with your broker to confirm what you are covered for.
The Riot Compensation Act 2016 covers what government compensation is available, but not all instances of damage or loss during a civil disturbance is covered. To check the government guidance on this, see here.
To review the FSB guidance, see: https://www.fsb.org.uk/resources-page/insurance-guidance-for-small-businesses-affected-by-the-riots.html