Magazine: Data protection deadline

Although the General Data Protection Regulation (GDPR) of the European Union entered into force in May 2016, companies have time until 25 May 2018 to change their data management procedures in accordance with the new rules. Even if the best scenario is considered, preparing for this change can take 6-8 months for companies. Csaba Márkus, a partner at Deloitte’s tax department underlined: the GDPR affects both small firms and large businesses, e.g. there is personal data in the CVs sent by job applicants that must be managed properly. Deloitte has already implemented several GDPR compliance projects. Their experience is that at most companies there was great surprise when they understood how complex the task was. For instance a telecom company or a bank might need 12 months to prepare for the GDPR. //