The financial penalties for violating the GDPR regulation for 2021 are large and sum to hundreds of millions of euros.
The European General Data Protection Regulation (GDPR) is one of the toughest privacy and security laws in the world. From May 25, 2018, when it entered into force, the regulation imposes obligations on organizations anywhere in the world. Specifically, these obligations apply to those who target or collect data related to individuals in the EU.
The complexity of the GDPR has made its prospect quite daunting for compliance departments, although the availability of innovative software solutions has helped alleviate that burden. However, the violations are serious and the financial sanctions amount to hundreds of millions of euros.