GDPR project budget
GDPR compliance will require a preliminary assessment of what is needed and good planning to implement it.
Every business or organisation is different and will need its own specific assessment.
This will mean that an initial budget will have to be allocated to commence and complete your GDPR compliance project.
GDPR Project Budget & Ongoing Maintenance
GDPR by its very nature is an ongoing requirement that specifies for regular reviews and re-assessments. Records generally need to be kept showing the actions taken to comply with GDPR. An ongoing maintenance budget will need to be allocated.
Larger businesses and organisations often have a dedicated Data Protection Officer, who will in most cases also have support staff.
In effect it means a department soley to deal with legal privacy obligations.
Smaller businesses and organisations still have the same obligations and accountability under the regulations. Often however, they do not have in place the dedicated support and advice that larger organisations will be able to rely upon.
GDPR is potentially a very severe piece of regulation and failure to stay on top of it means that you are exposing your business or organisation to a considerable level of risk.
Some elements of that risk may not be immediately obvious and will only become apparent at a later date, when the breach is unable to be rectified. It will then be too late to mitigate the costs, claims and expenses that will arise as a result
The Good News
GDPR in effect adds a whole new layer of administration and obligations that must be met in order to legally continue carrying on business.
The good news is that in most cases the cost of that compliance will be a deductable business expense for tax purposes. You should clarify your specific situation with your own accountant.