Technology for GDPR Compliance Will Cost Top U.S. Firms $1 Million
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 million or 4 percent of global turnover, whichever is higher.
U.S companies of whatever size must make GDPR compliance a top priority. For more information on how Achieved Compliance can help your company become compliant with the GDPR, please contact me at 703.647.6010.
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Through its software guided review and remediation process, education tools and representation services, Achieved Compliance makes it possible for companies to take all the steps needed for meaningful compliance that meets regulators’ expectations.
For more information as to how we can help your organization be GDPR compliant please contact email@example.com.