In April 2016, regulations for how companies in the EU manage Personally Identifiable Information (PII) were agreed upon under a new General Data Protection Regulation (GDPR). That regulation will go into effect in May 2018.
Starting in June 2016, companies will have only two years to become compliant with GDPR. And although there will be a tiered approach to penalties for noncompliance, breaches can trigger some potentially devastating penalties, including fines of up to €20M or 4% of worldwide turnover – whichever is higher.
On the positive side though, GDPR presents new opportunities for companies to leverage data more effectively and to the benefit of organizations and consumers. Those that recognize and capitalize will have a competitive advantage over those who don’t.
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