Pat Moran, Cyber Leader at consultancy firm PWC, claims that the upcoming implementation of GDPR will see a sharp increase in the levels of litigation class action suits levelled at businesses around the world.
Speaking before 250 Irish business leaders at a GDPR-themed breakfast briefing, he said that he was aware of specialist, niche law firms already being put together in anticipation of the high volume of post GDPR legal work.
Facing the likelihood of increased litigation, while integrating the more detailed legal framework of the GDPR may seem like a daunting task, Mr Moran encouraged business leaders to not bury their heads in the sand.
A recent survey of over 1,600 business and organisations revealed that 37% had no idea if GDPR even applied to them and their business practises, this worrying revelation coming less than year before GDPR is introduced in May 2018.
Companies Must also ensure that they are devoting sufficient resources to becoming GDPR compliant. The compliance, as highlighted by Mr Moran in his speech, must not be underestimated.
The new regulations will have implications across multiple facets of the business and commerce sectors, from advertising and sales through to Information Technology.
Mr Moran did point out a silver lining for the Irish based businessmen present. He believes that being the only English-speaking EU member state after Brexit could have some benefits in driving GDPR-related business to Ireland, particularly from firms based in the United States.
According to Mr Moran, the time is now right for businesses to begin implementing their plans for compliance with GDPR.