Written for EO by Jim Moran, founder and managing partner of ValueStreet Equity Partners.
Shortly after the European Union enacted its General Data Protection Regulation (GDPR), France’s regulators fined Google $57 million for violating the privacy law. That fine might not be a huge deal for a company the size of Google, but the message to the world was loud and clear: All companies will be held accountable for compliance.
GDPR only affects companies that do business within the EU, but it isn’t the only regulation that organizations need to worry about. When I ran an advertising business in the U.S., we faced just as much scrutiny for our advertising programs—and we paid a nominal fine for not knowing the applicable laws ahead of time. (more…)