6% firms prepared for the EU’s GDPR [Survey]
An eMarketer report has revealed that only 6% of firms are completely prepared for the European Union’s General Data Protection Regulation (GDPR).
eMarketer states that the companies violating the GDPR would face a fine of $24 million or 4% of annual sales, depending on which figure is higher.
Commenting on why the companies are not prepared, eMarketer’s Ross Benes says, “One of the reasons more companies aren’t prepared for the GDPR is because it is expensive to become compliant with the new laws. Half of the companies in a Forrester Consulting and Evidon survey spent more than $1 million to meet GDPR requirements. And nearly a fifth of companies allocated more than $5 million for GDPR prep”.
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