Effective May 25, 2018, the European Union General Data Protection Regulation (GDPR) will be enforced, providing enhanced protection for the personal data of European consumers. The regulation affects all businesses that acquire, store or process the personal data of EU citizens. GDPR impacts both businesses within and outside the EU.
The cost of non-compliance could be high, with fines of up to €20 million, or 4 percent of a company's global revenue. GDPR compliance requires a combination of well-defined and audit-proof policies, processes, and alignment amongst general counsel, compliance, internal audit, business units and IT organizations to effectively identify, secure, retain, and govern sensitive data of EU citizens.
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