Read about how the fine set out for the breach in the GDPR regulation can come a large expense, and its not just money.
Once the GDPR regulation comes into effect regulators will be ready to try to uphold it. The GDPR has allowed regulators to fine firms with a maximum fine of 4% of their global annual turnover, or €20 million, whichever is higher. But to be fair, it is highly unlikely that they will try to enforce early on.
With that said, as time goes on these fines will become more real, and the chances of major financial penalties will increase. So the questions really is, when will this fine truly come into play.
Well, it may not come directly from a large breach, but rather possibly from a case that is brought up by a consumer, or an individual whose new right to data portability is not being respected by a company. If this happens, in reality the impact of that case would be much more damaging to a brand than the actual price tag. While the price tag of being unprepared for data portability is certainly not cheap, more importantly, the reputation of your company is directly involved.
Read more about 5 things you can expect to happen after the GDPR deadline here.
But in the mean time, rest assured that we at Safe Online are here to help you prepare for data portability. Find out more about what we can do for your company or you as an individual at bysafeonline.com