{"id":3351,"date":"2022-05-21T07:14:07","date_gmt":"2022-05-21T07:14:07","guid":{"rendered":"https:\/\/momstime.org\/en\/?p=3351"},"modified":"2022-05-21T07:14:07","modified_gmt":"2022-05-21T07:14:07","slug":"295-gdpr-results-in-126-million-fines-is-this-a-wake-up-call-2","status":"publish","type":"post","link":"https:\/\/karimilawfirm.com\/en\/news-en\/295-gdpr-results-in-126-million-fines-is-this-a-wake-up-call-2\/","title":{"rendered":"GDPR RESULTS IN $126 MILLION FINES: IS THIS A WAKE-UP CALL?"},"content":{"rendered":"

During the initial stages on implementing GDPR, and during the grace period allowed by the EU, most companies had only touched the surface on GDPR requirements and the changes they had to make.<\/p>\n

Now, more than 20 months after GDPR has been in force, official data from DLA Piper reveals there have been over 160,000 notified data breaches, with\u00a0over \u20ac114 million ($126 million) in fines<\/a>, the biggest of which was Google at \u20ac50 million.<\/p>\n

According to CNBC,\u00a0 a Partner at DLA Piper,A law firm dealing with main GDPR issues in Europe, said the findings showed that\u00a0\u201cwe\u2019re still in the very early days\u201d\u00a0of enforcing the new EU data privacy laws.<\/p>\n

\u201cIt\u2019s not a huge surprise that we\u2019re seeing a slow start to fines, but there\u2019s more to come,\u201d\u00a0he said.<\/p>\n

Talking to Lawyer Monthly, CEO and Co-founder of\u00a0 Encompass Corporation, a company that provides comprehensive information about a costumer by using robotic search through multiple sources of global company, registry and person data, says the EU is gearing up for more fines and that this should indeed serve as a wakeup call to all those left unprepared:\u00a0\u201cIt\u2019s no surprise that data privacy watchdogs are gearing up to make full use of their expanded powers after collecting around \u00a3100m in fines “.for data violations. Since the arrival of the GDPR, large companies and banks have been scrambling to implement effective policies to adhere to the legislation, with mixed results so far<\/p>\n

This news should serve as a wake-up call for financial services organizations to ensure full compliance with existing and incoming legislation. With new figures revealing that banks were hit with over \u00a36bn globally for breaches of anti-money laundering(AML) regulation, the importance of adhering to strict compliance rules cannot be underestimated. Moving forward, the ability to know your customer and manage their data proficiently should be a top priority for banks of all sizes.<\/p>\n

General Data Protection Regulation<\/strong>\u00a0(GDPR<\/strong>) is a\u00a0regulation\u00a0in\u00a0EU law\u00a0on\u00a0data protection\u00a0and privacy in the\u00a0European Union\u00a0(EU) and the\u00a0European Economic Area\u00a0(EEA). It also addresses the transfer of\u00a0personal data\u00a0outside the EU and EEA areas. The GDPR aims primarily to give control to individuals over their personal data and to simplify the regulatory environment for\u00a0international business\u00a0by unifying the regulation within the EU.<\/sup>\u00a0The regulation contains provisions and requirements related to the processing of\u00a0personal data\u00a0of individuals (formally called\u00a0data subjects\u00a0in the GDPR) who reside in the EEA, and applies to any enterprise\u2014regardless of its location and the data subjects.<\/p>\n

 <\/p>\n

 <\/p>\n

News Source:\u00a0https:\/\/www.lawyer-monthly.com\/2020\/01\/gdpr-results-in-126-million-fines-is-this-a-wake-up-call
\n<\/a>https:\/\/en.wikipedia.org\/wiki\/General_Data_Protection_Regulation<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

During the initial stages on implementing GDPR, and during the grace period allowed by the EU, most companies had only touched the surface on GDPR requirements and the changes they had to make. Now, more than 20 months after GDPR has been in force, official data from DLA Piper reveals there have been over 160,000 notified data breaches, with\u00a0over \u20ac114 million ($126 million) in fines, the biggest of which was […]<\/p>\n","protected":false},"author":4,"featured_media":3352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en"],"yoast_head":"\nGDPR RESULTS IN $126 MILLION FINES: IS THIS A WAKE-UP CALL? - Karimi law firm<\/title>\n<meta name=\"description\" content=\"GDPR RESULTS IN $126 MILLION FINES: IS THIS A WAKE-UP CALL? 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