20% Of Firms Believe GDPR Non-Compliance Will Force Them Out Of Business

Coming into effect on 25 May 2018, new legislation will require firms with more than 250 staff members to hire a data protection officer

20% Of Firms Believe GDPR Non-Compliance Will Force Them Out Of Business

20% of businesses believe that the new General Data Protection Regulation (GDPR) will be so severe it could potentially force them to close their doors, according to a report by Veritas Technologies.

The global study revealed that 86% of worldwide enterprises are concerned that GDPR will negatively impact their business, as businesses guilty of non-compliance could face fines of up to €20m or 4% of turnover.

Worryingly, 47% of those surveyed admit their company still isn’t ready for GDPR, which comes into effect on the 25 May 2018.

Among new regulations include stricter rules on consumer consent and protecting against cyber-attacks, while firms with more than 250 staff will be legally required to hire a data protection officer.

General Data Protection Regulation: How to Prepare

Mike Palmer, executive vice president and chief product officer of Veritas, said:

“There is just over a year to go before GDPR comes into force, yet the ‘out of sight, out of mind’ mentality still exists in organisations around the world. It doesn’t matter if you’re based in the EU or not, if your organisation does business in the region, the regulation applies to you.

“A sensible next step would be to seek an advisory service that can check the level of readiness and build a strategy that ensures compliance. A failure to react now puts jobs, brand reputation and the livelihood of businesses in jeopardy.”

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