The General Data Protection Regulation (GDPR) is upon us, and there are many racing to meet full compliance with the new regulations before the deadline arrives. If you haven’t done this yet, you are almost out of time. There are consequences for failing to comply with GDPR, and you may want to be aware of them before making the decision to risk non-compliance.
What are the consequences?
While there is no new legislation to cover the escalating threat of cybercrime, there is now legislation about the ways in which data is used. It is now the responsibility of businesses that operate within the EU to follow certain guidelines to protect the personal data of their customers. Failing to do so could lead to the following penalties:
– If you infringe articles 5-9, you could face a fine of €20M or 4% of your global revenue from the preceding year – whichever is higher.
– If you infringe articles 8, 11, 25-39, 42 and 43, your penalty could be €10M or 2% of global revenue from the preceding year – whichever is higher.
In a nutshell, GDPR is becoming the law, and ignoring it could lead to some serious pain for your company.
What support is there to become GDPR compliant?
The teams at Y2X are working hard to perform the tasks and actions necessary for our clients to become fully compliant with GDPR legislation. One of the most important, and challenging, tasks is to provide evidence of compliance. At Y2X, our staff possess unique skills and qualifications to assist you in organising your GDPR efforts and ensuring ongoing compliance, providing all the necessary documentation to evidence your compliance.
Don’t delay a second longer
Time is almost up before GDPR compliance becomes mandatory, and if you haven’t got your company in line yet then now is truly your last chance. Whether you need assistance in doing it or not, you must act now to achieve full compliance with the new regulations or find yourself faced with enormous consequences. Complying with legislation doesn’t have to be a complex process and the consequences of failing to do so really make the risk less than worthwhile.