In May of 2018, the European Union enacted the General Data Protection Regulation (GDPR). To date, over 500 actions have been taken against non-compliant companies, and over €260 million in fines have been levied. GDPR compliance is projected to cost Fortune 500 companies almost $8 billion each year.
Now, over 100 jurisdictions—countries, states and cities—are enacting their own data privacy laws. These “local GDPRs” will add up to a global maze of legal obligations that will disrupt the operations of virtually any global company that touches a consumer. It is like a second set of tax codes — high costs, high risk, complex execution, and where absolute non-compliance is not an option.