What advantages do you gain from GDPR compliance?
- Every business is required to operate lawfully. If you know that your business complies with the statutory requirements, you can put your mind at ease during an official inspection. In enforcing the new data protection legislation, which entered into force on 25 May 2018, the competent authorities are expected to impose unusually high fines. Companies could face fines up to 20 million EUR or 4% of their annual turnover for the previous financial year where infringements are detected.
- Certain customers may only be allowed to place orders with your company if you meet the requirements of GDPR.
- The lack of compliance may significantly undermine the business reputation of your company, resulting in material financial losses.
- Bearing in mind the findings of a compliance audit, you can run your business in a more conscious, more efficient and, last but not least, safer manner.
- Against this backdrop, the costs of preparation can be considered as an investment that creates added value.