

Why is GDPR Compliance Critical for You as a CEO?
Financial Penalties
Non-compliance with GDPR regulations can result in significant fines for your organization. Violations can lead to penalties of up to €20 million or 4% of global annual turnover, whichever is higher, for serious infringements.
Data Breaches
Your organization is a prime target for cyberattacks, such as ransomware and phishing, due to the sensitive nature of personal data. In 2021, 59% of organizations reported being affected by a cyberattack. By 2023, the average cost of a data breach under GDPR had risen significantly, with fines and reputational damage impacting businesses across sectors.
Reputational Damage
A GDPR violation or data breach can severely harm your organization’s reputation. As a CEO, you know that losing the trust of customers or clients can have long-lasting effects on your brand, reduce customer retention, and negatively impact partnerships and business opportunities. Protecting personal data is critical to maintaining trust and safeguarding your organization’s future.
What is GDPR?
The General Data Protection Regulation (GDPR) is a comprehensive data protection law that came into effect across the European Union (EU) on May 25, 2018. It aims to protect the privacy and personal data of individuals within the EU, ensuring that businesses and organizations handle personal data responsibly and transparently. GDPR applies not only to companies operating within the EU but also to any business that collects or processes the personal data of EU residents, regardless of where the company is based.
Key aspects of GDPR include:
- Data Privacy and Consent: Companies must obtain explicit consent from individuals before collecting and processing their personal data.
- Data Rights: Individuals have rights such as the right to access, rectify, or delete their personal data.
- Data Breach Notifications: In case of a data breach, organizations are required to notify authorities and affected individuals within 72 hours.
- Accountability and Governance: Organizations must demonstrate compliance through clear policies, data protection officers, and audits.
- Heavy Fines: Non-compliance can result in substantial fines, up to €20 million or 4% of the company’s annual global turnover, whichever is higher.