Why UK companies must do more to prepare for arguably the biggest change to data protection for more than 20 years.
In this article, KPMG’s Global Privacy Advisory Lead, Mark Thompson, explains why Brexit planning is not the only major change facing UK organisations – the EU’s General Data Privacy Rules (GDPR) could also pose a significant disruptor to business as usual and requires action now.
- Organisations can be fined up to 20 million euros – or 4% of global turnover – for breaching GDPR rules
- British companies seem to be lagging behind their continental counterparts in preparation for GDPR
- GDPR will come into force in May 2018 – just 10 months before the earliest likely date for Brexit
- There is a risk that British based companies may still face legal action after the UK has left the EU.