Cybersecurity » Companies Spending Billions On GDPR Compliance

Companies Spending Billions On GDPR Compliance

January 26, 2018

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The General Data Protection Regulation (GDPR), which goes into effect in May, will give European citizens more control over their online information. It applies to all companies that do business with Europeans, and fines up to four percent of annual revenue are threatened for failing to comply. When it becomes effective, companies will be required report data breaches within 72 hours, and to provide European customers a copy of their personal data. Reuters reports that billions are being spent on GDPR compliance issues, and companies that can’t spend big aren’t being serviced. “People really aren’t picking up the phone for less than $1.5 million to $2 million,” according to Gant Redmon, program director of cyber security and privacy at IBM Resilient. Lawyers who advise on compliance, cyber security consultants, and software developers that help firms conduct data inventories are reaping the windfall. New York legal services firm Axiom, told Reuters it has more than 200 data privacy lawyers working on GDPR projects – about a sixth of all its lawyers – and said it would hire over 100 more staff this year.

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