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
14 February 2025
In the News
Brian Wheeler Joins Podcast to Discuss Legal Journey
Foley & Lardner LLP partner Brian Wheeler joined the Hsu Untied podcast to discuss his legal career.
14 February 2025
In the News
Pavan Agarwal Featured in Leadership Q&A – 'Reflecting our firm’s core values drives me to do my best'
Foley & Lardner LLP partner Pavan Agarwal is featured by Law.com for his career journey, legal practice, and leadership in the article, “How I Made Practice Group Chair: ‘Keep Listening and Keep Learning,’ Says Pavan Agarwal of Foley & Lardner.”
14 February 2025
In the News
Judith Waltz on Trump Administration Deregulation Order, Impact on CMS
Foley & Lardner LLP partner Judith Waltz commented on the Trump administration's executive order requiring federal agencies cut ten regulations for each newly created one in the Modern Healthcare article, "CMS may evade Trump's sweeping deregulation order."