86% of businesses concerned about negative impact of failing to adhere to GDPR

With the imminent announcement that the Government has invoked Article 50 and formally started the UK’s withdrawal from the EU single market, businesses are braced for impact.

Furthermore, with General Data Protection Regulations (GDPR) coming into force in May 2018, all organisations that handle personal data will need to adapt and educate themselves on the forthcoming ruling.

According to an analysis by Information management company, Veritas Technologies, 86% of organisations worldwide are concerned that a failure to adhere to GDPR could have a major negative impact on their business.

In addition, almost nearly 20% said they fear that non-compliance could put them out of business, with potential fines as high as $£16.8million or four per cent of annual turnover, whichever is higher - Forbes reports.