In a blog entry posted on Reed Smith’s Technology Law Dispatch Blog, authors Daniel Kadar and Laetitia Gaillard review the first large fine imposed under GDPR regulations. The company, French property management firm Sergic, failed to comply with its obligation to limit the storage of personal data and its security. The fine, €400,000, represents close to 1% of the company’s yearly turnover.
Property owners, managers and developers who operate in GDPR signatory countries should review their data security measures and comply with the regulations to avoid significant penalties.
The complete blog post can be found here.