Orrick today announced the creation of our comprehensive law firm automated tool for companies across the globe to assess their readiness for compliance with the European Union’s General Data Protection Regulation (GDPR). The GDPR Readiness site provides companies an opportunity to stress test their compliance with the GDPR, which is set to come into effect in May 2018.
Developed by Kolvin Stone, a London-based partner and global co-chair of the firm’s Cybersecurity & Data Privacy practice, the assessment tool helps organizations identify their level of compliance with GDPR – critical given the severe penalties for non-compliance. Under the regulation, privacy and cybersecurity violations may result in fines as high as 4 percent of annual global revenue or €20 million and the loss of the opportunity to conduct business in the EU. The GDPR applies to EU companies, multinationals with employees or customers located in the EU and companies doing business with EU organizations or EU residents.
A complimentary, personalized report is automatically generated after completing the assessment tool.
“We are proud to launch this tool as a resource for companies conducting business in Europe,” Kolvin said. “It is important to make the law more accessible. The GDPR is complex and not easy to navigate, and Orrick’s tool helps companies understand their risk and prepare for compliance.”
The GDPR assessment tool is the latest example of our innovative approach to using technology to help industries with legal solutions and efficiencies. Last year, the firm established the first legal portal for direct lenders, and our Technology Companies Group earlier this year created the TCG Dashboard, an online legal database for our tech clients to easily access all of their important legal information.