On May 25, 2018, the European Union (EU) General Data Protection Regulation (GDPR) becomes enforceable across the member states. It is intended to strengthen and unify data protection for all individuals within the union as well as addressing the export of personal data outside the EU.
While the regulation is primarily focused on business operating in Europe, it does not only affect European companies. Any organization that does business or operates in Europe, will be subject to GDPR and this includes companies located in Singapore that conduct business in Europe, or with European companies.
With only a few weeks left before GDPR comes into force, are Singapore companies lacking in preparations for the new regulatory environment? According to a survey from EY this appears to be the case. The survey seems to confirm the city-state’s lack of preparation with a majority of companies in Singapore stating that data protection and data privacy compliance is a growing concern, yet only 10% have a plan in place for GDPR.
Source: Networks Asia