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Excerpt from the RSA blog:
The focus is growing for the European Union’s forthcoming “General Data Protection Regulation,” or GDPR. As its May 25, 2018 implementation date draws nearer, organizations are starting to understand the magnitude of change this major regulation will drive.
It is not only EU-based organizations that are subject to the GDPR’s requirements. If your company stores or handles any personally identifiable information about EU residents – things as simple as names and email addresses – then you are obligated to be in compliance, and risk penalties if you’re not.
And those penalties for noncompliance? Let’s just say you wouldn’t want to be one of the organizations feeling the pain for being judged in violation. The GDPR authorizes fines ranging up to €20 million, or 4% of a company’s total worldwide sales, whichever is greater. Those are business-impacting numbers, not to mention the reputational damage suffered if you break this highly-visible new law.
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