EU data regulation ‘an opportunity’

Companies should embrace the changes coming with the implementation of the General Data Protection Regulation (GDPR) rather than fear them, a report by insurance broker and risk management firm Marsh UK & Ireland suggests.

GDPR is designed to harmonise data privacy laws across Europe and to protect citizens’ data privacy. It not only applies to organisations within the EU but also to firms that do business inside member states.

Companies who fail to comply with the regulation can be fined up to 4% of annual global turnover, or €20 million.