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Home » More Than 10 Percent of Companies Are Ignoring GDPR Risk

More Than 10 Percent of Companies Are Ignoring GDPR Risk

During the six-year lead-up to the May 25, 2018, effective date of the European Union’s General Data Protection Regulation (GDPR), much attention was focused on the onerous financial penalties for noncompliance.

August 10, 2018
CFO

The maximum penalty is so big that it almost defies comprehension: 4 percent of an offending organization’s global annual revenue.
However, some companies may not believe that the EU and its member countries will be able to collect such sums after enforcement activity begins, which presumably will happen at some point.
For that or other reasons, more than one in ten (11.7 percent) of 490 participants in a Deloitte webcast in late June said their companies were taking a “wait and see” approach before moving toward GDPR compliance.
“A lot of people are sitting back and saying, 4 percent? That’ll never happen,” says Rich Vestuto, managing director of Deloitte Risk and Financial Advisory. “Well, what is the wake-up point, then? One percent? Half a percent? You’d still be talking about a tremendous financial penalty.”
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Technology Data Management (Big Data/IoT/Blockchain) SC Finance & Revenue Management Business Strategy Alignment Global Supply Chain Management Regulation & Compliance SC Security & Risk Mgmt
KEYWORDS Big Data/IOT Business Strategy Alignment Global Supply Chain Management Regulation & Compliance SC Finance & Revenue Management SC Security & Risk Mgmt Supply Chain Analysis & Consulting Technology
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