We’re all guilty of it. We keep things that we don’t need, like that pair of stone-washed jeans from 1992 that you hope will come back into style or your beanie baby collection that you blindly believe might be worth something someday. While our inability to purge old stuff from our closets may cost us closet space, the repercussions for an organization that hoards data are far more significant. From a cybersecurity perspective, the more personal information a company maintains, the more information it has to lose. Consequently, the more information a company loses, the higher the financial and reputational costs.
Today, the European General Data Protection Regulation (“GDPR”) takes effect. The GDPR is the most comprehensive and complex privacy regulation currently enacted. The GDPR can apply to a business or organization (including a non-profit organization) anywhere in the world and its potential financial impact is huge; fines can reach up to € 20 million Euros (over $23 million USD) or 4% of an entity’s total revenue, whichever is greater. Not surprisingly, the potential for this type of penalty has caused concern and chaos leading up to the May 25, 2018 effective date. In light of this significant international development, all organizations should consider the following: Continue Reading Three Important Considerations For All Businesses in Light of GDPR