by Angela Guess
A new press release reports, “A global study from Veritas Technologies, the leader in information management, has revealed that 86 percent of organizations worldwide are concerned that a failure to adhere to the upcoming General Data Protection Regulation (GDPR) could have a major negative impact on their business. Nearly 20 percent said they fear that non-compliance could put them out of business. This is in the face of potential fines for non-compliance as high as $21 million or four per cent of annual turnover – whichever is greater.”
The release goes on, “Intended to harmonize the governance of information that relates to individuals (“personal data”) across European Union (EU) member states, the GDPR requires greater oversight of where and how personal data—including credit card, banking and health information—is stored and transferred, and how access to it is policed and audited by organizations. GDPR, which takes effect on May 25, 2018, will not only affect companies within the EU, but extend globally, impacting any company that offers goods or services to EU residents, or monitors their behavior, for example, by tracking their buying habits. The study indicates that a whopping 47 percent of organizations globally have major doubts that they will meet this impending compliance deadline.”
It continues, “The research findings from The Veritas 2017 GDPR Report, which surveyed more than 900 senior business decision makers in 2017 across Europe, the U.S. and Asia Pacific, also found that more than 20 per cent (21%) are very worried about potential layoffs, fearing that staff reductions may be an inevitable outcome as a result of financial penalties incurred as a result of GDPR compliance failures.”
Read more at PR Newswire, and check out the full infographic below.
Photo credit: Veritas Technologies