The General Data Protection Regulation (GDPR) started to apply in May 2018, a law aimed at protecting the personal data of individuals in the European Union (EU). The regulation applies to all businesses that handle the personal data of EU citizens, regardless of whether the company is based in the EU or not. Failure to comply with the GDPR can have severe consequences for businesses, including hefty fines, legal action, and damage to reputation.
What happens if you don’t comply with GDPR? One of the most significant outcomes of not complying with the GDPR is the risk of fines. Businesses can be fined up to 10 million Euros for less egregious breaches. This applies to violations that involve failing to report a data breach, not obtaining consent for data processing, or not appointing a Data Protection Officer (DPO).
More severe offences can incur fines of up to 20 million Euros. These fines can be imposed for breaches involving failing to comply with a data subject’s request for information, transferring data outside of the EU without adequate safeguards, or implementing sufficient security measures.
Aside from the financial penalties, businesses that fail to comply with the GDPR may also face legal action from individuals whose personal data has been mishandled. This may lead to costly legal fees and damage payments, further damaging the business’s reputation.
Long-Term Damages to Reputation
In addition to financial and legal consequences, businesses that fail to comply with the GDPR risk significant damage to their reputation. Consumers are becoming concerned about how their data is being used, and companies that fail to comply with the GDPR may lose the trust of their customers. This can lead to a loss of business and difficulty attracting new customers.
Non-Compliance Puts Your Business at Risk
In conclusion, the consequences of not complying with the GDPR are severe, and businesses must take the regulation seriously. Fines, legal action, and damage to reputation are just some risks associated with GDPR violations. By implementing adequate data protection measures, appointing a DPO, and complying with data subject requests, businesses can protect themselves from the consequences of GDPR non-compliance.
Protect Your Business With Expert GDPR Support
Our team of experienced professionals is well-versed in the GDPR and can provide expert advice and assistance to ensure your business is fully compliant. Please do not delay and book an appointment for further guidance on GDPR compliance.
If you have any questions that remain unanswered, please reach out to our team now. Send us your message or concerns, and we’ll discuss our process, from assessments to hands-on experience.