It has been a year since the EU General Data Protection Regulation (GDPR) compliance deadline kicked in, and in that time the landmark privacy and cybersecurity regulatory rules have made waves worldwide among enterprises with European connections. GDPR has raised the bar for privacy and security awareness at the board level, as well as assured continued increases in security and compliance spending at most large organizations in the coming years.
One thing is certain, and it’s that enterprises are funneling a lot of cash toward continued GDPR compliance efforts. Forbes reporting went so far as to call GDPR a “$9 billion business shakedown,” with industry sources such as IAPP and EY also reporting the average spend per organization reaching about $3 million, with half of that coming this year and beyond. The spending was spread out among a range of categories, including internal people-hours, outside legal counsel, consulting, employee training, and new technology.
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