Mark Thompson, privacy lead in KPMG’s cyber security practice, comments on the approval of the European Parliament‘s position of the General Data Protection Regulation (“GDPR”), thus completing its legislative process. He said:
“It has been a long time coming; with more suggested amendments than any other EU regulation, we are finally there. The EU has finally herded the cats up the hill which sends a firm message to businesses that privacy is at the forefront of the EU’s mind, and organisations need to take action to address their privacy risks.
“The approach of the GDPR provides a risk based application of a "one size fits all" set of rules across the EU and recognises the different levels of privacy risk associated with SMEs and large global organisations. Privacy will be catapulted up the list of global organisations’ enterprise risks, requiring them to re-evaluate take action.
“For non-EU businesses that trade in the EU, this agreement will require some to re-think some of the activities they carry out in the EU. This makes it much harder to operate certain “global” services and will require them to truly put an EU lens on the business activities which are undertaken in the EU market."
“It’s clear that by the time the regulation comes into play in 2018, for a number of organisations, there will be a lot of work to do.”
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.