Set to go into effect on May 25, the new General Data Protection Regulation (GDPR) could cost global businesses fines of up to 4 percent of annual global revenue or €20 million Euros, whichever is greater. It has been reported that a large portion of executive officers in the United States remain in the dark about the fiscal impact GDPR could have on their businesses. The reality is, the GDPR’s effects stretch beyond the confines of the European Union (EU) and includes any company doing business with EU entities. Global Risk & Compliance recommends businesses consider asking questions like “Does your company process personal data in an EU country or of EU residents?” “Does your company have a right to audit all the systems used for their processing of personal data?” and “Does your company have a defined data breach notification system, meeting the requirements identified in Articles 33, 34, of the GDPR?”
