26 Jun Indian Tech Firms Call GDPR a “Compliance Risk”
Several Indian IT firms such as Tata Consultancy, Wipro, and Mindtree recently called EU’s new privacy rules a “compliance risk” that may bring severe consequences for breach or non-compliance.
In their 2018 fiscal report, the companies agreed to call the GDPR a risk as it could wipe out a substantial part of an organization’s balance sheet which can be difficult to recover from.
In addition to updating their privacy policies, the firms have also taken various steps towards compliance, including forming data privacy teams working solely to avoid non-compliance.
However, it is said that even EU regulators themselves are unsure in some cases. For example, the guidelines for the creation of authorities that will validate a company’s GDPR compliance are still to be drafted.
Source: Economic Times India