First discussed in the 1990s and turned into law last year, the EU’s General Data Protection Regulation (GDPR) finally goes into effect in May 2018, imposing strict requirements on millions of businesses and subjecting violators to severe penalties.
The complex regulation is of concern not just to European businesses. It applies to any organization worldwide that controls and processes the data of EU citizens, whose privacy the GDPR is meant to protect.
A recent PwC survey found that more than half of U.S. multinationals say GDPR is their main data-protection priority, with 77% of them planning to spend $1 million or more on GDPR readiness and compliance.
“The GDPR is putting data protection practices at the forefront of business agendas worldwide,” Steve Durbin, Information Security Forum’s managing director, wrote recently.
In other words, it’s crunch time for companies that fall within the GDPR’s broad scope and that haven’t completed their preparations to comply with this regulation. Gartner estimates that about half of organizations subject to the GDPR will be non-compliant by the end of 2018. You don’t want to be in this group of laggards.