The General Data Protection Regulation (GDPR) went into effect on May 25 and with it, the European Union (EU) Parliament has set an impressively high standard for data privacy with the new rule. GDPR introduces potentially costly penalties for noncompliance. These include fines of up to €20 million or 4 percent of an organization’s annual revenue, whichever is greater.
Despite GDPR’s potential implications, 40 percent of law firms recently surveyed by Wolters Kluwer’s ELM Solutions said they do not have a specific GDPR compliance plan or process in place to protect customer and employee data. Only 39 percent of these firms said they felt prepared to address the regulation by the effective date of May 25.
