The deadline for complying with the EU General Data Protection Regulation (GDPR), enforceable from May 25, 2018, is fast approaching. Many companies will need to secure their data, while others are offering solutions for this to avoid hefty fines.
The General Data Protection Regulation (GDPR) replaces the Data Protection Directive 95/46/EC and was designed to harmonize data privacy laws across Europe, to protect and empower all EU citizens data privacy, and to reshape the way organizations across the region approach data privacy, the GDPR website says.
According to an internal study conducted by Hungarian consultant and software developer Simplexxy, a broad majority of Hungarian SMEs have no information about the procedures necessitated by the GDPR and the conditions for complying, a press release sent to the Budapest Business Journal says. The regulation basically applies to all employee data, assessments, job applications, lists of partners, and data of customers participating in Facebook contests.
Preparations for compliance with the GDPR can cost up to HUF 1 million, and many of the 670,000 SMEs active in Hungary cannot afford this expense. A cheaper solution is proposed in the form of the Adatsólyom software, designed to screen the company based on regulations amounting to 100 pages, said László Gaál, founder of Simplexxy. Adatsólyom does not require legal or data protection knowledge, but only details about the company.
János Tamás Varga, head of VJT & Partners, the law firm responsible for the content of the software, said that failing to comply with the regulations can lead to fines amounting to 4% of annual revenue of the company or EUR 20 million, whichever is higher.