There is now just over 12 months – 263 business days to be precise – until organizations have to be compliant with the EU General Data Protection Regulation (GDPR). Failure to comply with this new Regulation could result in fines of up to 4% of their annual global turnover or €20 million (US$21.3 million) – whichever is the greater.
According to a global study from Veritas Technologies, 86% of organizations worldwide are concerned that a failure to comply with the GDPR could have a major negative impact on their business.
Nearly 25% of US organizations fear that the high penalties that come from non-compliance could put them out of business completely.
Other major concerns for organizations when it comes to non-compliance include:
- Having to reduce their workforce to deal with high penalties
- Losing customers from negative publicity
- Potentially facing lawsuits if they have a significant data breach
- Losing market share if their competitors are better stewards of data
You can view the full report here.
Start your compliance project sooner rather than later
Accelerate your GDPR compliance implementation project with the EU General Data Protection Regulation (GDPR) Documentation Toolkit. The toolkit contains all the critical documents any organization needs to ensure compliance with the Regulation, including project documents covering data protection policy, DPO requirements, privacy impact assessments, incident response, and breach reporting.