Partner Aaron Tantleff participated in a roundtable discussion for Financier Worldwide magazine on GDPR compliance & strategy, which explored the impact the General Data Protection Regulation (GDPR) has had on personal data protection since taking effect in May 2018.
Tantleff said he was “amazed” by the number of companies that do not have a basic awareness of the GDPR. While some companies have made a “modest effort” to comply with the regulation, he said, surveys suggest that many companies still have a long way to go. “Clearly, a number of companies have taken a wait and see approach and [are] looking to their peers in order to see how the GDPR is being interpreted, implemented, and how it will impact their business,” he said.
Tantleff also said the costs associated with GDPR compliance pose a significant challenge for many companies. In addition to the possible financial penalties for noncompliance, he said, companies may face losing customers, revenue, and reputational damage, as well as an increased risk of class action litigation. “While penalties, such as a fine, can be paid straight away, others can take years to overcome, such as restoring a battered reputation,” he said.
Tantleff said he was “amazed” by the number of companies that do not have a basic awareness of the GDPR. While some companies have made a “modest effort” to comply with the regulation, he said, surveys suggest that many companies still have a long way to go. “Clearly, a number of companies have taken a wait and see approach and [are] looking to their peers in order to see how the GDPR is being interpreted, implemented, and how it will impact their business,” he said.
Tantleff also said the costs associated with GDPR compliance pose a significant challenge for many companies. In addition to the possible financial penalties for noncompliance, he said, companies may face losing customers, revenue, and reputational damage, as well as an increased risk of class action litigation. “While penalties, such as a fine, can be paid straight away, others can take years to overcome, such as restoring a battered reputation,” he said.
People
Related News
26 March 2024
In the News
Foley Made ‘Great Strides’ in 2023 as Firm Sees Record Revenue and Profits
In the article, “Diversity of Practices Helped Foley Grow Revenue by 8.1%, Profits Per Equity Partner by 11.5%” The American Lawyer notes that strong demand across each of Foley’s major strategic sectors – including energy, health care and life sciences, innovative technology, and manufacturing – led to record growth.
22 March 2024
In the News
Foley LA Prepares Boys & Girls Clubs Students for Youth of the Year Competition
Foley & Lardner LLP partner Nicholas Gross and associates Trevor Mullin, Kathryn Petrosky, Jordan Smiley, Savannah Levin, Troy Tessem, and Tam Wheat helped prepare students from the Boys & Girls Clubs of Metro Los Angeles for the annual Youth of the Year competition.
22 March 2024
In the News
Kyle Faget Quoted on FDA’s Approach to AI in Digital Health
Foley & Lardner LLP partner Kyle Faget is quoted in the Modern Healthcare article, “FDA is digital health’s gatekeeper amid AI boom.”