A new survey conducted by Paul Hastings LLP provides a serious reminder that the cost associated with EU General Data Protection Regulation (GDPR) compliance is staggering, and that to be ready to comply when the regulation goes into effect on May 25, 2018, U.S. companies must act now. U.S. firms in the Fortune 500 will spend an average of $1 million on GDPR compliance technology alone. Currently, only 9 percent of U.S. companies surveyed have purchased new technology and just 34 percent have allocated the appropriate budget to hire the additional staff necessary to meet regulatory demands. The consequences of GDPR violation are immense, with fines of up to $22.4…
.@EU_Commission announced successful conclusion of adequacy talks with South Korea, confirming alignment of EU & SK #dataprotection laws. Finding covers commercial & public sector, enables data flows between the EU & SK. Adoption expected in coming months. https://ec.europa.eu/commission/presscorner/detail/en/statement_21_1506
Dutch DPA announced a €475,000 fine for Dutch headquartered @bookingcom for failure to report #databreach within 72 hours of becoming aware of the 2019 incident. Breach resulted in unauthorized access to login credentials, criminal access to data of 4000 customers.
Bavaria #DPA declared company’s (controller’s) use of US email marketing service #Mailchimp in #Bavaria impermissible due to failure comply with #SchremsII mitigation requirements with respect to transfer of e-mail addresses to Mailchimp in the US.