With only one month remaining before the EU’s General Data Protection Regulation (GDPR) goes into effect, many organizations are still scrambling to be in compliance. That could result in hefty fines and legal consequences for the majority of the 448 institutions surveyed by KPMG Global Legal Services. More than half (54%) reported that they are not in compliance.
According to the senior legal counsels who participated in the survey, one of the Achilles’ heels for compliance preparedness is third-party vendors. Even the commercial suppliers of those companies that collect data from customers protected by the regulations need to be GDPR compliant, yet the survey found that an overwhelming majority of businesses have not confirmed whether their down-line vendors are adhering to the regulations.
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