The EU General Data Protection Regulation (GDPR) is a new law that applies to any company, anywhere in the world, that collects or processes the personal data of EU residents. The GDPR was adopted on April 14, 2016, and enters into force on May 25, 2018. Although that date may feel pretty far away, the level of effort associated with compliance is about to disrupt organizations around the world.
Surprisingly, in spite of the risk of incredibly damaging fines of up to 4% of global revenue or €20 million (whichever is greater) and the extensive changes required for compliance, a majority of the organizations we’ve surveyed have not begun to think about the GDPR and its impact.
The GDPR could be a mortal threat to your company’s existence — and it makes fundamental decisions about data collection, processing, and storage into key strategic business issues. An adequate response requires C-level (and even board-level) attention and involvement immediately.
Digital Clarity Group offers workshops and advisory services to organizations seeking to understand their risk exposure and/or plan for compliance. Please contact us for more information.
Recent Digital Clarity Group thought leadership on the General Data Protection Regulation:
- Data protection concerns are shaking up every industry. Are you ready to respond?
- Get Ready for the GDPR: Talking to Colleagues and Vendors
- Is Your Customer’s Personal Data an Asset or a Liability?
- GDPR: The End of Marketing as we Know it?
- We Talk Money: Save It, Make It
- Privacy Shield and GDPR: Sorting Out the Business Obligations
- Customer Experience Leaders Must Step Up to the Cybersecurity Challenge
- Does Amazon Go + GDPR = Amazon No-Go?
- What’s in Store for BloomReach + Hippo?
- CMOs, cybersecurity and the criticality of customer trust