The GDPR, passed and adopted by the EU in 2018, has left its mark on the privacy world not only by setting precedents worldwide, but also by instigating significant fines against companies that failed to comply. EU privacy authorities issued nearly $180 million in fines in 2020. But few people could have predicted the spike that 2021 would bring. Since January 28th, 2021, EU privacy authorities have issued a total of $1.25 billion in fines to various companies—nearly a sevenfold increase since the previous year. Data breach notifications to GDPR officials increased by 8% since 2020 as well.
Combined with recent uncertainty about the future of the GDPR, these record-setting penalties can have potentially long-lasting consequences on companies around the world with European customers. No one can or should bet that the GDPR will be overturned in the immediate future. As long as it is still in effect, fines will continue—and likely increase further as time passes. Compliance is essential.
To reduce your risk of accidentally violating the GDPR and incurring fines yourself, there’s a few steps you can take. First of all, review this GDPR fine tracker and see what other companies in your industry have been fined, and why. Second, look for those same weak spots in your own organization and address them immediately. And finally, keep track of your data management with a reliable consent management software—like 4Comply. To get on the right track of avoiding GDPR penalties, get in touch with us today for more information or a free demo of 4Comply.