Preparing for the General Data Protection Regulation: A 'Wait and See' approach is going to be pricey for US organizations doing business with the EU.
Due to requests for information or data loss, penalties relating to the total turnover of the company are threatened. Companies should already be preparing for the general data protection regulation as fines for some of our customers are a minimum of $880MM, with the additional risk that senior management can be personally liable! DO NOT WAIT, May 2018 is already here!
Why should US businesses start preparing for the general data protection regulation? US companies that have customers, employees, partners, or vendors in Europe, or even those even just thinking about doing business in anyway with the EU, should be deep into their planning and implementation phases to get ready for when the regulation becomes law next May 2018. Yet, research by the analyst firm Gartner has already shown that over 50 percent of companies affected by the GDPR will not be in full compliance with its requirements by the end of the looming deadline. As a founder that is scary!
Don't forget that in May 2018, private individuals (unhappy former employees, contractors, customers, or prospects) and consumer protection agencies will make use of new technologies, consumer portals, and compliance apps to ensure US companies are compliant. From May 2018 onward, not only can your company be fined, but your founders or senior executives can also be held personally liable.
Don't wait and start preparing for the general data protection regulation now!
If you are not sure where to start or what are your most urgent to-dos, then take action and schedule a one-day workshop. We will generate your GDPR road map of actions for--and with--you.