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Volume 31, Issue 2

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Tuesday, 24 April 2018 15:35

How To Pay Millions In GDPR Fines

10 Behaviors That Will Put Your Organization at Risk

If your company isn’t ready to comply with the GDPR, then you may need to sound the alarm. Fines for noncompliance could be 4 percent of your company’s annual global revenue. This is not a joke. If you don’t want to be responsible for putting your company in serious jeopardy, then review these 10 behaviors most likely to put your company at risk for noncompliance.

Everyone is talking about the EU’s General Data Protection Regulation, and it’s no wonder why. With 99 rules to comply with by May 25 — the date it goes into effect — GDPR compliance can be a daunting challenge.

But if you don’t comply, it will cost you. Penalties for violating the GDPR can be harsh: as much as €20 (about US$23 million, as of this writing) or 4 percent of your organization’s annual global revenue, whichever is greater. For some types of infractions, the maximum penalty is less: up to €10 million, or 2 percent of the previous year’s global revenue.

Nobody wants to pay that hefty penalty, right? Judging from reports, though, it seems that quite a few businesses may be in danger of having to.

Large global firms may spend as much as $7.8 billion on GDPR compliance, according to Bloomberg. Nevertheless, more than half of those organizations won’t be ready by May, consultants predict.