GDPR Contract Compliance Could Cost Firms a Cool £800M
Tech vendor Axiom predicts hefty GDPR spend on contract analysis alone, launches compliance solution.
Axiom contacted more than 100 major financial firms about their GDPR readiness and found the vast majority had not yet begun to calculate the scope of the necessary contract remediation work. Less than 5 percent knew how many contracts would need to be addressed to comply with the regulation.
“GDPR has significant new and updated requirements of contracts governing the transfer of data; even current contracts with robust data protection language will be rendered non-compliant,” says Axiom’s co
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