GDPR Is Coming: Why U.S. Companies Must Start Planning for GDPR Now
We have less than a year before the EU General Data Protection Regulation (GDPR) goes into effect on May 25, 2018.
Even though GDPR originated within the EU, it applies to any organization that collects or processes the personal data of EU citizens or residents. It also doesn’t matter if the data is from a customer or an employee. Simply put, if your business has a global reach, you will likely need to comply or be subject to penalties if there is a data breach and you are found to be out of compliance.
Most U.S. companies who are doing business on a global scale have already taken notice of GDPR and plan to allocate a nice sized budget for compliance activity. Earlier this year, PricewaterhouseCoopers surveyed hundreds of U.S. companies about their GDPR Preparedness plan. I think the results of that survey were unexpected, but very telling.
They found that 92 percent of U.S. multinational companies cited compliance with GDPR as a top data protection priority in 2017. Also, 68 percent are earmarking a budget of between $1M and $10M for GDPR readiness and compliance efforts, with nine percent expecting to spend over $10M. Those numbers are staggering and prove how important of a topic GDPR will be – not just over the next 12 months, but as a long-term compliance initiative.
Read the entire article here, GDPR Is Coming: Why U.S. Companies Must Start Planning for GDPR Now
Via the fine folks at Ivanti.