what is a risk of not complying with your reporting obligations to the ico under the gdpr?

A key risk of not complying with reporting obligations to the ICO under the GDPR is the potential for heavy fines. Failure to notify the ICO of a reportable personal data breach within the required timeframe (usually within 72 hours of awareness) can result in fines up to £8.7 million or 2% of global turnover, whichever is higher. Additionally, non-compliance can trigger other ICO enforcement actions, cause significant reputational damage, and lead to loss of business trust. Organizations may also be required to implement corrective measures imposed by the ICO to protect individuals' rights and freedoms. Proper documentation and timely reporting help justify decisions and demonstrate accountability to mitigate consequences.