Companies Should Expect Larger, More Frequent GDPR Fines
A new report warns that data protection regulators across Europe "have been staffing up their enforcement teams and getting to grips with the new regime," which means it's more important than ever for companies to be GDPR-compliant.
February 04, 2020 at 01:40 PM
4 minute read
The original version of this story was published on Corporate Counsel
Fines imposed under the European Union's General Data Protection Regulation have been relatively low and infrequent. But companies need to prepare for bigger penalties as authorities throughout Europe bolster enforcement efforts and clarify how fines are calculated and imposed.
"As things develop, as years go by and those holes are understood, it's going to get harder for those companies to say, 'We didn't really understand or know,'" said Kevin Levy, a partner at GrayRobinson's Miami office who chairs the firm's technology transactions practice.
Since the GDPR took effect in May 2018, data protection regulators have imposed about $126 million in total reported fines, "which is quite low given that supervisory authorities enjoy the power to fine up to 4% of total worldwide annual turnover the preceding financial year," according to a new survey from DLA Piper.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Law Firms Mentioned
Trending Stories
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250