Preparing for the GDPR: Start Now, Plan to Invest

In May of 2018, Europe’s General Data Protection Regulation (“GDPR”) will take effect throughout the European Union. While this advance date may seem far off now, the work ahead of companies dealing in international data exchange is substantial, and the clock is already ticking.

This broad legislation will set data protection standards for the EU and brings with it significant consequences for companies that engage in the trade of information and commerce across the Atlantic and the globe. The GDPR is pushing a sea-change in international privacy law as countries work to reduce compliance risk on transborder data transfers from the EU by rolling out legislation designed to be “adequate” under EU law.

The sweeping legislation changes are accompanied by very real consequences. A new driver behind the flurry of compliance activities among companies with business in Europe is the possibility that fines that could reach 4% of global annual revenue for an entire conglomerate. To understand the risk exposure, companies are currently in the process of assessing their compliance with the upcoming regulation in light of the potential maximum exposure.

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