The European Union’s comprehensive data privacy law, the General Data Protection Regulation (GDPR) protects the data of EU residents when it is collected and/or processed by any company within and beyond EU borders.

Non-compliant companies face GDPR fines of up to €20 million or two percent of their annual revenues (whichever is the greater amount). The GDPR took effect on May 25th, 2018 and affected companies continue to deal with significant compliance challenges as privacy regulations continue to evolve.

Companies may face unique regulatory challenges and thus must develop distinct privacy programs to achieve data privacy compliance. The burden of data privacy laws increases with company size, as larger organizations (ex. Google and Amazon) require vast and complex privacy programs that ensure all of their internal operations comply with the GDPR.  

Adapting to the new regulations is off to a rough start as companies are incurring costly fines for GDPR violations. During January 26, 2020 and January 27, 2021 penalties under the GDPR totaled €158.5 million ($191.5 million). 

The top four GDPR fines of 2020 

·      Google- €50 million ($56 million)

·      H&M- €35 million ($41 million)

·      Telecom Italia- €27.8 million ($31.5 million)

·      British Airways- €22 million ($26 million)

 The top four GDPR violations resulting in the top four GDPR fines of 2020 

·      Google did not provide adequate information to users in consent policies and   should have granted them more control regarding the processing of their personal data.

·      H&M violated the GDPR’s principle of data minimization as the company collected particularly sensitive data about the health and religious beliefs H&M employees for employment reasons. 

·      Telecom Italia (TIM) violated a variety of laws, which stem from a hostile marketing strategy. Millions of customers were overwhelmed with unsolicited telemarketing communications from TIM, many of whom were on no-contact lists.

·      British Airways suffered a breach that affected 400,000 customers due to weak security systems. Hackers accessed login details, payment information, names and addresses.

GDPR fines are expected to increase as regulators increase enforcement of privacy regulations. According to DLA Piper, a global law firm, during January 26, 2020 and January 27, 2021, GDPR fines increased by 40% and data protection authorities recorded 121,165 data breach notifications, which is 19% more than the previous 12 month period. 

GDPR compliance challenges for companies and organizations are compounded by a global shortage of privacy professionals.  These circumstances create an advantageous job market for privacy experts. 

How the GDPR increased demand for privacy professionals:

·      There were only a few thousand official privacy officers worldwide before the GDPR took effect in 2019.

·      By 2019, half a million organizations relied on the expertise of a privacy officer.

·      By 2023, more than one million organizations will have a privacy officer.

·      More than 60 countries enacted or proposed privacy laws following the introduction of the GDPR on May 25th, 2018.

·      Many global organizations standardize operations in accordance with the GDPR and then adjust as required for local requirements.

·      By 2023, 65% of the global population’s personal information will be protected by privacy regulations, which is a 10% increase from 2021.  

As privacy regulations galvanize, hiring demands will continue to rise for privacy professionals that can maintain GDPR compliance for companies and organizations. Jumpstart your career in privacy and prepare for the GDPR exam with our online GDPR course, GDPR Compliance: The Key Components of the GDPR. 

Links:

Privaci Learning’s GDPR Compliance Course: 

https://www.udemy.com/course/gdpr-compliance-understand-the-key-components/

Privaci Learning Website: 

https://www.privacilearning.com