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.