Extrapolating from the 2017 Privacy Governance Report, the IAPP and EY find Fortune's Global 500 companies will spend roughly $7.8 billion in order to ensure they are compliant with the EU General Data Protection Regulation, Financial Times reports. IAPP President and CEO J. Trevor Hughes, CIPP, said companies have been spending money on hiring lawyers and data protection consultants, along with technology to assist in complying with the upcoming rules, in addition to costs associated with modifying products and services in the marketplace to be GDPR-compliant. “This is a rolling cost. May 2018 is by no means the end point as companies will have to invest in educating their employees in the new data framework,” said Hughes. The survey also revealed Global 500 companies will be hiring on average five full-time privacy employees and filling five other roles with staff members handling compliance rules. (Registration may be required to access this story.)
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