IAITAM: Google GDPR Data Protection Fiasco Highlights Major Liability Risk for U.S. Companies and Investors

If Google Is Having GDPR Privacy Compliance Issues, Where Does
That Leave Other U.S. Firms With Less Sophistication And Fewer Resources
To Pay Fines? U.S. Companies With Strong IT Asset Management Programs
Are Positioned Best Under EU GDPR … And Any Version Of GDPR Adopted In
The U.S.

CANTON, Ohio–(BUSINESS WIRE)–Google’s recent record $57 million General Data Protection Regulation
(GDPR) compliance fine sent
a shockwave through the American tech community
. As bad as that is
for Google, which is currently in the appeals process, the U.S. tech
giant may have even dodged a bullet. Under GDPR, companies found in
violation could receive a maximum penalty of up to 4 percent of their
annual revenue. That’s a potential $4 billion liability in Google’s case.

For company managers and investors, GDPR compliance is
becoming a major issue
. Unlike the cash-rich and tech savvy Google,
many U.S. firms, both private and publicly traded, can’t survive a
maximum sentence for GDPR non-compliance. And with the accelerating
consideration of similar privacy rules in the U.S
., investors are
right to be worried about data protection protocols.

The potential liability risk isn’t just limited to companies that
process data. If an organization’s software tools include Microsoft,
Adobe, IBM, etc., the same tools and companies with which Google has
contracts with, then it would stand to reason that more than just the
firms that process data are vulnerable to GDPR headaches. New U.S. rules
patterned along the European model would present similar concerns.

IAITAM President and CEO Dr. Barbara Rembiesa said: “In the
ever-evolving landscape of data privacy issues and regulations, now more
than ever, is it fundamentally important for U.S. firms to invest in
sound IT Asset Management (ITAM). Savvy investors are keen to spot
potential liabilities and with the recent Google fiasco, eyebrows are
being raised. The firms that have already invested in ITAM programs are
ahead of the game and shareholders should know it. If you’re an investor
and you don’t know if your company has a mature IT Asset Management
program, that should be a red flag.”

Rembiesa pointed out that eight months have passed since the European
Union adopted the GDPR. Before that, companies had two years to prepare.
If Google was caught red-handed, that should sound the alarm for all
U.S. based firms and their investors, according to the IAITAM head.

Dr. Rembiesa added: “The Google fiasco should have been prevented and
could have been with a mature IT Asset Management program. Future
incidents will only be prevented if those organizations have a mature
process that is championed by someone who is managing proper data
protection frameworks consisting of recommended best practice processes.”

ABOUT IAITAM

The International Association of Information Technology Asset Managers,
Inc., is the professional association for individuals and organizations
involved in any aspect of IT Asset Management, Software Asset Management
(SAM), Hardware Asset Management, Mobile Asset Management, IT Asset
Disposition and the lifecycle processes supporting IT Asset Management
in organizations and industry across the globe. IAITAM certifications
are the only IT Asset Management certifications that are recognized
worldwide. For more information, visit www.iaitam.org,
or the IAITAM mobile app on Google Play or the iTunes App Store.

Contacts

MEDIA CONTACT: Whitney
Dunlap, (703) 229-1489 or [email protected].

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