As Data Regulations Shift In Europe, Organizations Race To Meet Requirements
The European Union (EU) is getting serious about data privacy. With a new regulatory regime set to go into effect in late May, organizations are scrambling to complete compliance projects. Failure has a punishing price tag: The new General Data Protection Regulation (GDPR) mandates initial fines as high as €10 million or 2 percent of annual revenue (whichever is greater); second offenses are doubled. The new law is intended to protect the privacy of EU citizens while harmonizing laws across Europe by creating a single standard for how companies handle data. It applies to all organizations doing business in the EU—not just those based there.