Worried About the GDPR? Grab Our Executive FAQ
What was your company’s global gross revenue last year? Now calculate 4% of that total. The result is the amount you can be fined by European Union data protection authorities for non-compliance with the new General Data Protection Regulation (GDPR), based on 2015 revenue.
Some random examples of an approximate 4% fine on 2015 global turnover:
- Adobe: $192 million
- Estée Lauder: $445 million
- SAP: $920 million
- Unilever: $2.1 billion
- Google: $3 billion
And don’t breathe easy if 4% of your revenue would amount to “only” a few millon dollars — becuase the highest level of fines are 4% or €20 million (over $22 million), whichever is greater.
In other words, the GDPR — which applies to every company in the world that sells to European residents or “monitors” their behavior — is not just another irritating regulation that your compliance department can sort out.
The GDPR could be a mortal threat to your company’s existence — and it makes fundamental decisions about data collection, processing, and storage into key strategic business issues. An adequate response requires C-level (and even board-level) attention and involvement immediately.
To help you get an initial grip on what the GDPR means for your firm, we’ve just published “The Meaning and Impact of the General Data Protection Regulation: Executive FAQ.” Whether you’re a top executive or a line manager seeking to understand the impact on your operations, this brief report (five pages of text) addresses six key questions:
- Does my company have to comply with the GDPR?
- What counts as personal data?
- What are the consequences of non-compliance?
- What are the major provisions of the GDPR?
- What part of the organization should take charge of compliance?
- What should we do to get ready for the GDPR?
The quick answer to that last question is, education, education, and more education. The time to get started was yesterday. I urge to to download and read the FAQ today, and then contact us to discuss an education and awareness campaign designed for your organization.