Business have until 25 May 2018 to comply with the new regulation but it will take time to implement the necessary changes.

With only a 19-month window before the regulation comes into force, businesses will need to start to review current policies and processes to ensure they meet the deadline and avoid potential heavy fines.

Data Protection Commissioner Helen Dixon gave a keynote address at a business seminar held to launch the firm’s definitive guide to the changes in the new GDPR, the potential impacts on businesses and what priority actions need to be taken.

Ms Dixon said: “Preparations for the new EU General Data Protection Regulation are well underway at the Irish Data Protection authority.

“As the national regulator it will be our duty to supervise compliance with the new law, which we are now actively preparing for by investing heavily in building our capacity to administer our new enforcement powers and to meet all of our GDPR responsibilities.

“With May 2018 fast approaching I would urge businesses that now is the time to commence their GDPR readiness activities.

“The Data Protection Authority will support businesses in the work they are undertaking towards that end, in particular, through publication of guidance and proactive engagement with sectoral and industry groups and representatives.”

John Whelan, partner and head of A&L Goodbody’s international technology and data protection practice, added: “The new EU General Data Protection Regulation introduces substantial changes to data protection law and businesses should start taking steps to review and revise their policies and procedures.

“The combination of significant additional compliance obligations and heavy financial sanctions means data protection needs to be treated as a priority corporate governance item.”