One year on, what has the General Data Protection Regulation (GDPR) wrought? The EU law has sought to let citizens decide how their data is used, and when, and by whom. The regulation, which debuted in May of last year, means firms that process data must disclose how it is processed and how long it is kept. As noted in the June PSD2 Tracker, there have been some financial repercussions for companies that do not comply.
Data:
$62.6 million: USD value of fines levied in the year since the GDPR went into effect.
200,000: Number of investigations into breaches since GDPR went into effect.
96 percent: Share of banks still reliant on legacy methods for customer authentication.
$3.1 trillion: Estimated value of money owed in accounts receivable for U.S. firms on any given day.
24 percent: Fundbox’s estimated share of monthly revenue tied up in outstanding invoices.