Summary
This white paper discusses the business costs associated with compliance and non-compliance with the General Data Protection Regulation (GDPR). Initially, the paper outlines the slow start of GDPR enforcement, noting that fines were minimal in the early stages. However, it highlights a significant increase in penalties and enforcement actions as of January 2020, with reported fines totaling 114 million Euros. The document details the potential fines organizations face for non-compliance, which can reach up to 20 million Euros or 4% of annual global turnover. It also presents specific examples of substantial fines imposed on various companies for GDPR violations. Furthermore, the paper emphasizes the benefits of compliance, citing a Cisco study that indicates many organizations experience significant returns on their privacy investments, including operational efficiency and customer trust. The findings suggest that embracing GDPR compliance can lead to competitive advantages and improved financial outcomes for businesses.
