GDPR panic is slowing

Author: Jimmie Franklin | Published: 14 May 2019

Almost one year since the implementation of the EU’s new sweeping data privacy law, lawyers across the continent feel that the story has only just begun.

The now-infamous General Data Protection Regulation (GDPR) was revolutionary on many levels. This new, unprecedented legislation meant enhanced consent was needed from the consumer, and that banks and corporates faced significant technical changes impacting data management and storage, marketing and communication strategies, and more.

In terms of how banks and companies have adapted, it appears to be, as yet, an unfinished story. As Cleary Gottlieb’s Natalie Farmer put it: "May 25 2018 came and went, but client work on GDPR is certainly ongoing. We’re now working with clients to build GDPR compliance into global data protection strategies".

This is echoed by in-house sources. A senior data privacy officer at a German bank said that while the core change initiative is over...