Whenever we have started focusing on the overall impact of this EU regulation, we are always reminded that the companies in the global market have been facing some hiccups while complying with it.
GETTING AN IDEA OF THE IMPACT
The main idea while calculating GDPR’s impact, is to refer some credible data. After a year and a half, GDPR has garnered enough attention in the corporate sphere to measure the same through facts and figures regarding its compliance and fines.
These figures not only serve as a reflection of the current situation of the market but helps consulting firms in coming up with preparatory measures and strategies for their clients as well.
WHY NON-COMPLIANCE IS AN ISSUE?
If we observe the statistics that tells us about the severity of not complying with the GDPR regulation, we can understand the gravity of the situation proficiently. Below are some pointers from a report published in 2019:
- Marriot International was charged with a fine of almost £ 99 million.
- Close to 1/3rd firms in the EU are not complying with the GDPR policies
- Demand for Data Protection Officers rose to 700%
These pointers help us fathom the situation that the corporate sphere has faced in the past years. Therefore, we can very well gauge the impact of non-compliance.
GDPR’s IMPACT REGARDING THE USE OF PERSONAL DATA
Be it GDPR consultancy in the UK, or around the world, every firm has always appreciated the initiative taken by the EU. The efficacy with which these the European Union has maintained the integrity of the personal data of its residents, is remarkable.
So much so, that in 2019, almost 66% of Americans wanted to have personal data privacy laws exclusively for the USA. Just like GDPR.
MONETORY ASPECT OF GDPR COMPLIANCE AND FINES
The whopping charges that established conglomerates have to pay, have established that the monetary aspect of GDPR has been experiencing a great deal of negligence. Facts like,
- A few years ago, the overall cost of GDPR compliance had reached almost $9 billion dollars.
- The value of all the GDPR fines combined, has crossed the $400 million mark.
Tell us that the corporate sphere has maintained the negligence for quite a long time now. And they have been duly charged for the same. Therefore, it is high time to focus on hiring consultants and get back on track.
SOME LOGICAL INSIGHTS
- For any organisation, it is important to comply with all the GDPR policies. The above figures prove the fact that a GDPR consultantis an important asset for the firm.
- Complying with GDPR policies helps in building a firm’s brand image, but most importantly, it streamlines the jobs of the crisis management consultant of a firm.
- GDPR compliance measures advised by the consultants, should always be pre-tested. This ensures the effectiveness of the measures.
On a concluding note, it is not about the facts and figures about GDPR fines, compliance, and impact. Rather, it is about realising that the corporate sphere is yet to have complete control over the loopholes in GDPR compliance.
But if they take GDPR consultancy services seriously, and work closely with the professionals towards compliance, the chances of minimising the frequency and valuation of GDPR fines, will be better.