News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

GDPR Deadline Looms, Businesses View Fines as Possible Existential Threat

GDPR Deadline Looms, Businesses View Fines as Possible Existential Threat

The May 25 deadline for compliance with the E.U.’s General Data Protection Regulation (GDPR) is about five weeks away, but two-thirds of global businesses express some level of concern that they will not be ready, according to a new report. The GDPR is a new regulation governing how companies that do business with E.U. citizens must treat the personal information of their customers. Provisions include the “right to be forgotten,” how and when the public must be notified of a data breach and that unambiguous consent must be received to store personal data.

The report, from cloud data company NetApp, found that, despite the unpreparedness, significant numbers of companies view the fines associated with non-compliance to be an existential threat. Forty percent of U.S. businesses and 35 percent of global companies believe financial penalties levied for non-compliance with the GDPR could put a company out of business. Online retailers, many of which sell across borders in the E.U., are especially at risk.

“GDPR compliance requires organizations to know where their data is and to be able to classify data and control the lineage of data—all capabilities that are essential for data analytics initiatives designed to deliver accurate business insight,” said Elizabeth O’Callahan, NetApp vice president of Legal. “These capabilities are also fundamental to the success of other digital transformation and omnichannel marketing initiatives, including mobile networks, AI and machine learning, IoT, robotics, and more.”

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