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Report predicts banks to get €4.7bn fines in first 3 years under GDPR

A new report is “conservatively” forecasting that European finance organisations are about to shell out €4.7 billion in first three years after the GDPR comes into power thanks to data breaches which they don’t currently have to declare. Consult Hyperion, which commissioned AllClear ID to carry out the research said in a press release, “this forecast is conservative and excludes compensation claims, costs associated with lost customers, damaged reputations and senior executive resignations.”

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ORIGINAL SOURCE: SC Magazine UK

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