Firms could expect to spend up to 20 hours per contract and invest hundreds of thousands of U.S. dollars to remain GDPR-compliant—an effort that might be in vain should the U.K. not opt for a no-deal Brexit, Mr. Parker said. Businesses risk non-compliance with the General Data Protection Regulation 's General Data Protection Regulation (GDPR) if they transfer data from the EU to the EU after 29 March , in a no-deal Brexit scenario. Non-compliance with GDPR can lead to a fine of up to 4% of global annual revenue, or $22.6m ( €20m ), whichever is higher. However, EU regulators are likely to be lenient if companies have not updated clauses in their contracts immediately after a no-deal Brexit . Furthermore, the majority of GDPR complaints are brought by individuals who may not consider this cause of non-compliance as serious as others.
Businesses risk non-compliance with the General Data Protection Regulation 's General Data Protection Regulation (GDPR) if they transfer data from the EU to the EU after 29 March , in a no-deal Brexit scenario. Non-compliance with GDPR can lead to a fine of up to 4% of global annual revenue, or $22.6m ( €20m ), whichever is higher. However, EU regulators are likely to be lenient if companies have not updated clauses in their contracts immediately after a no-deal Brexit . Furthermore, the majority of GDPR complaints are brought by individuals who may not consider this cause of non-compliance as serious as others.