GDPR: Few Companies Expected to be Ready for Friday’s Deadline
- KO Firm
- May 21, 2018
May 21, 2018 – The EU’s General Data Protection Regulation (GDPR) deadline is this Friday, May 25. According to the GDPR, if you market products and services online or direct sales to EU residents, you must comply, but research shows that 60 percent of companies are unlikely to meet Friday’s deadline.
The EU regulators aren’t ready either; 17 of 24 authorities who responded to a Reuters survey said they did not yet have the necessary funding, or would initially lack the powers, to fulfill their GDPR duties.
Beyond the deadline, businesses that target EU customers need to understand the intricacies of the new data privacy requirements; as well as how to create, negotiate and implement data processing agreements and other data security and privacy documentation under the new laws.
Data assets have also become a significant component of commercial agreements and mergers and acquisitions, and industry developments such as the GDPR continue to drive new demand for expertise in this space.
As the GDPR is implemented and enforced, the KO team will stay up to date on legal compliance best practices, the latest regulatory actions, risk assessments for private litigation and other developing topics.
KO’s data privacy and security team, led by KO lawyer Chris Achatz, has significant experience advising companies of all sizes, and includes multiple Certified Information Privacy Professionals (CIPP/US).
Contact us to learn more.