The General Data Protection Regulation (GDPR) is part of a wave of new legislation due to come into force on 25 May this year. Sarah Pearce, partner at law firm Cooley, offers a schedule of actions to get your business ready for it.
Business’ overriding concern about GDPR (aside from its extra-territorial scope) and the aspect that has been hitting the headlines, are the sanctions for non-compliance – more specifically, the potentially huge fines.
The degrees of non-compliance will of course vary but, generally speaking, if you violate the law, (eg mishandle data or experience a data breach), the GDPR gives regulators the authority to impose fines of up to €20 million or 4 per cent of worldwide annual turnover (whichever is greater). Non-compliance could also delay or cause you to miss out on a key transaction or investment opportunity.
Some of the new requirements (legal, technical and operational) are significant and may take time to implement. So, with just over 5 months to go, how ready are you?
Check out how contentACCESS can help you to be GDPR compliant.