Analytics, EU – Baltic States, Latvia, Legislation, Markets and Companies
International Internet Magazine. Baltic States news & analytics
Thursday, 25.04.2024, 18:15
Most companies, institutions in Latvia are not ready for General Data Protection Regulation
Print version |
|---|
"We were given two years to introduce the regulation. Now it can be seen that many are hoping to do it at the last moment," she said.
The main reason all measures have been postponed is the fact that companies and residents lack information about the regulation. Many relied that Latvia will work on its own laws, even though this regulation should be applied directly and national regulations for that are not necessary.
Petersone reminded that after May 25 watchdogs may visit any company and institutions and ask to demonstrate how GDPR requirements are implemented.
Fines will also grow considerably. At present the maximum fine for inappropriate data processing is EUR 14,000, but from May 25 it will grow to EUR 20 million or 4% of the company's last turnover. "These fines are really big and should be motivating to think about data protection," said Petersone.
On April 24, GDPR Riga Forum is held, organized by KPMG on data security and protection.
«The Baltic Course» Is Sold and Stays in Business!
