The way global companies handle data is set to change dramatically on 25 May 2018, when the European Union’s (EU) General Data Protection Regulation (GDPR) comes into force.
Designed to address concerns over the security and use of personal data, GDPR will apply to data processing activities regarding personal data within Europe as well as data transfers within the EU and between the EU and non-EU countries, and it looks likely to become the global benchmark for protecting personal data.
Legal teams are front and center as companies get ready to comply with GDPR, and the stakes are high. Companies that do not get compliance right risk fines of 4% of global turnover or €20m, whichever is greater. Regulators have made it clear that they intend to fully flex their powers to enforce the regulation.
Compliance with GDPR aside, no business wants to face the reputational fall-out of failing to protect their customers’ personal information – as the WannaCry, Cambridge Analytica and far too many other breaches show.
How are legal teams working with businesses to prepare for the new regime, and are they confident they will be ready? KPMG International sponsored The Legal 500 to find out.
The results of The Legal 500 survey reveal that legal teams face significant hurdles as they seek to implement a data protection management system that allows them to continue operations and capitalise on the valuable data they hold. Among the biggest challenges respondents faced:
This report offers a view of how legal teams are addressing the challenges of GDPR and identifies a number of leading practices for getting organisations systems and processes onside. As legal counsel reported in interviews, the best solution to these challenges may be to focus on the opportunities. For example:
By approaching GDPR as a chance to invest in a leading-edge global data protection management system, KPMG member firm legal teams can help their clients get more control over data and leverage that data to gain more strategic value.
Find the full report here.
© 2020 KPMG Bulgaria OOD, a Bulgarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.