This article is originally published at UpCounsel. By UpCounsel Privacy Attorney Michael Witt
In their rush to market their products or services, many startups inadvertently overlook potential legal obligations. For startups, overlooking privacy and data protection could be extremely costly. These costs could arise from system redesign and development activities and fines, particularly from the European Union’s new General Data Protection Regulation (GDPR)that goes into effect May 25, 2018. Fines under the GDPR may reach as high as 4% of global revenue or $20 million dollars in situations in which the breached entity has ignored its privacy obligations.