23 Jan Privacy Industry Booms with Advent of GDPR
It has been reported that companies are now spending millions to become compliant to EU’s General Data Protection Regulation (GDPR), which is set to take effect in May this year.
Companies who do not comply to the EU law, which has a number of technically complex requirements, may be fined up to 4% of their annual revenue. Legal services such as Axiom of New York says that around 200 of its lawyers, which is a sixth of its team, are already currently engaged in GDPR projects. Meanwhile, cybersecurity consultant Win Remes says that he receives around a dozen GDPR-related calls per week, mostly from US organizations who are scrambling to catch up.
It is said that at present, cybersecurity firms only entertain clients who offer $1.5 million up. However, it is a grueling process as described by Lingesh Palaniappan, CEO of Grit Software Systems, who says that they manually have to every check software application and database to record details, such as the exact type of data they contain.