With less than 12 months until the General Data Protection Regulation (GDPR) comes into effect, new research has shown that the majority of Irish companies are still woefully-unprepared.
Unless Irish companies begin to act, they risk sleepwalking their way into litigation from individuals over how their data is handled.
Research undertaken by iReach on behalf of the Department of the Taoiseach and the Government Data Forum revealed that, although 72% of Irish business owners believe that personal data will play a pivotal role in their growth and development, almost 66% are unaware of their obligations under the GDPR, which will be enforced from 25 May 2018.
The Regulation is designed to combine data protection laws across Europe to create a ‘one-stop shop’ and protect EU residents’ personal data. It applies to both organisations within the EU and companies outside of the EU that process the personal data of EU residents.
With fines of up to 4% of annual global turnover or €20m (whichever is greater) for companies that fail to comply with the Regulation, this legislation cannot be ignored. Irish companies must begin their preparations for the GDPR sooner rather than later; compliance cannot be achieved over night.
The prerequisites for implementing a GDPR compliance framework are knowledge and competence. Take the first step towards implementing the GDPR in your business by attending our GDPR Foundation training in Dublin.