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GDPR: It's Just The Tip Of The Iceberg In Regulatory Change

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Don Elledge, CEO GDPR: It's Just The Tip Of The Iceberg In Regulatory Change In my industry, there are few topics in the news these days as big as the EU's General Data Protection Regulation (GDPR), which went into effect on May 25. On the face of it, there are at least two reasons for this. First, there's the fear factor: The risks of not complying with the new regulation are severe, regardless of where a business is based. If your business trades in data on EU citizens, you can be fined for not complying to the tune of 4% of annual global turnover or €20 million, whichever is greater. Second, there's the marketing factor. The regulation has created opportunities for innumerable consulting firms and vendors to counsel businesses on what they need to do. One might say that not since Y2K has there been so much hype and opportunism driven by a deadline. From where I sit, however, there appears to be a third reason that businesses should care about the GDPR: Many businesses today are simply not prepared for the rising tide of regulatory action that has become the new normal for businesses. On balance, I believe that the GDPR is a wake-up call, for it's given businesses everywhere an opportunity to review and modernize their cyber risk practices to secure their digital futures. I think that GDPR is just the tip of the iceberg — what's most visible — of the regulatory change that's coming. June 27, 2018

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