Once the GDPR regulation comes into effect regulators will be ready to try to uphold the new regulation. The GDPR has allowed regulators to fine firms with a maximum fine of 4% of the global annual turnover, or €20 million, whichever is higher. But to be fair, it is highly unlikely that they will try to enforce early on.
With that said, as time goes on these fines will become more real, and the chances of major financial penalties will increase. So the questions really is, when will this fine truly come into play.
Well it may not come directly from a large breach, but rather possibly from a case that is brought up by a consumer, or an individual whose new right to data portability is not being upheld by an organization, or a company. If this happens, in reality the impact of that case would be much more damaging to a brand than the actual price tag. Hence, why the price tag to not having access to data portability is certainly not cheap, as its more than just money, but the reputation of your business, organization, or company is directly involved.
Read more about 5 things you can expect to happen after the GDPR deadline here.
But in the mean time, rest assured that we at IDLink are here to help you have access to data portability. As a consumer you will be able to receive your personal data from all companies. Even forward your data to third parties. Find out more about what we can do for you as a company or as a consumer at www.idlink.eu