On May 25, 2018, the General Data Protection Regulation will go into effect. To process personal [customer] data under GDPR, businesses will need to document their reasoning and show a legal basis as to why they require personal data.
GDPR compliance is not optional and applies to all companies doing business with European citizens.
Penalties for failing to meet GDPR requirements could lead to fines of up to €20 million or 4 percent of the company’s global annual turnover for the previous year, whichever is greater.
Consultancy Hyperion has estimated that European financial firms alone may face GDPR-related fines of $5.3 billion in the first three years after the GDPR becomes effective.
Gartner predicts that by the end of 2018, more than 50 percent of companies affected by the GDPR will not be in full compliance with its requirements and 40% of organizations will be in violation of the GDPR by 2020.
There are competitive advantages to being compliant. For example, once the regulation goes into effect, businesses from all industries will only be interested in doing business with other organizations that can demonstrate effective control over their data, because even third-party non-compliance can leave a company liable to penalties.
- Archer Experts LLC and Focal Point Data Risk LLC have partnered to offer an end-to-end solution for businesses who must tackle the GDPR challenge. To learn how we can help you be GDPR compliant using RSA Archer, call 877-871-0110 or use the link below.