Compliance Made Manageable: A study on SMEs encountering the GDPR
Background: The European single market has harmonised many goods and services,facilitating their free movement. SMEs, comprising 99% of EU firms and employing around 100 million people, are crucial to the EU economy. Despite their importance, SMEs may face significant GDPR compliance costs, ranging from €1,000 to €50,000, with minimal exemptions. The GDPR aims to protect personal data amidst growing business data usage,ensuring transparency, accountability, and respect for individuals' rights. However, the regulation may be constraining to SMEs.