The exact figure is variable, but one thing is for certain: Plan on increasing your privacy and IT budget. The GDPR will result in increased costs, at least during the initial break-in period. This holds true whether you’re a small business-owner or a manager of a huge company.
Companies without adequate privacy and data protection measures will have to spend more to get up to par. And of course, the larger the company, the larger the cost. Half a million Euros is an oft-quoted figure for companies with hundreds of employees. Smaller companies can outsource a DPO to cut on costs, but everyone will have to invest in employee training and education. The figures will vary widely for small businesses, depending on their practices and processing activities.
