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…