IDG Contributor Network: The GDPR initiative and how it affects US government and industry
Now that Europe’s General Data Protection Regulation (GDPR) has taken effect, companies across the global that do not comply with GDPR could find themselves in regulatory and financial hot water.
And while vendors selling security solutions to the private sector overseas will clearly be affected, it’s also likely that GDPR may spur security spending in federal agencies here at home.
The GDPR regulation requires businesses to protect the personal data and privacy of EU residents for transactions that occur within EU member states. Companies must be able to demonstrate compliance, and non-compliance could cost them dearly. Any company that would potentially host EU resident’s data could be liable for substantial fines if that data is leaked.