SAP criticises impending EU data protection laws
By Cameron Abbott and Allison Wallace
SAP has expressed concerns over the implications of the landmark EU data privacy regulations, saying the penalties that will be imposed are too high, and could impede the development of Europe’s start-up culture.
The data privacy regulation will be implemented in May 2018, and includes fines for EU companies up to 4 per cent of their global revenues if they commit a significant breach of data privacy.
In an interview with the Financial Times, SAP’s head of products and innovation, Bernd Leukert said he believes the penalties are too high, and put companies at risk of losing their entire revenue if they commit multiple breaches.
Mr Leukert said he also fears that the EU regulations were not properly aligned with laws in other jurisdictions, such as the US.