The EU’s General Data Protection Regulation (GDPR) will affect companies worldwide, and many fear noncompliance could cause them to go out of business.
Companies face steep and annually rising noncompliance fines, and they fear that noncompliance could cause their businesses to close, according to a new study. The study, which was conducted by Vanson Bourne for Veritas Technologies, examines the potential impact of the European Union’s General Data Protection Regulation, which will go into effect on May 25,2018. «There is just [about] a year to go before GDPR comes into force, yet the ‘out of sight, out of mind’ mentality still exists in organizations around the world, » said Mike Palmer, executive vice president and chief product officer at Veritas. «It doesn’t matter if you’re based in the EU or not, if your organization does business in the region, the regulation applies to you.» He recommends implementing an advisory service to check the level of readiness and build a strategy that ensures compliance. Nine hundred business decision-makers were interviewed in February and March 2017 across the United States, the United Kingdom, France, Germany, Australia, Singapore, Japan and the Republic of Korea. Respondents were from organizations that do business within the European Union and therefore hold personal data on EU residents.
