By Marcelo Conti, Consulting Services Leader, RSM Brazil
Preparation for Storm GDPR
Although some countries in Latin America already have similar laws to GDPR, the level of knowledge about this regulation and the breadth of its coverage are still little-known in the region, especially among the middle market. The majority of these companies believe that this regulation affects only global corporations that handle large amounts of personal data. There is also a feeling that because they are outside the jurisdiction of the European Union, they cannot be forced to adopt GDPR.
It has only been in recent months that middle market companies in Latin America have begun to pay more attention to GDPR and how this law can impact their business. Thus, it is not surprising to find out that only a limited number of companies have done some sort of risk assessment regarding the transfer of data. There is also a great deal of uncertainty about what exactly needs to be done to comply with such regulation, which is now, a race against time.