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May 24, 2018 12:00 am | FILED UNDER: business

GDPR Compliance Will Cost Businesses Kc25 Billion

By ČTK

Prague, May 24 (CTK) – The introduction of the EU’s privacy protection directive (GDPR), to come in force on Friday, will cost Czech firms some Kc25bn in total, according to the latest survey that the Chamber of Commerce made among 459 firms of all sizes across sectors.

 

Most companies will pay no more than Kc50,000. On the other hand, each of the over one fifth of large companies with more than 250 employees has spent over Kc500,000 on this measure.

 

A fifth of firms with ten or fewer employees also said that they had no spending on the directive. They have not made a lot of preparations for GDPR. These firms either believe that the new regulation will not affect them or rely on avoiding its impacts in some way.

 

Entrepreneurs said the most often that GDPR introduction was demanding on paperwork for them. They had the smallest problems with mandatory organisational changes and setting of contractual relations with partners and clients.

 

Businesses would welcome if the state informed them regularly what shortcomings were found during checks and provided them with a sample advise how to avoid the shortcomings, the chamber said.

 

“Clear instructions from the state would help reduce misinterpretations and uncertainties which are frequent now,” said the chamber’s spokesman Miroslav Diro.

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