A breach of the GDPR requirements can results in fines and mandates that can significantly impact your ability to operate your business and additional fines, compliance mandate, etc.
If your business is collecting and/or storing data from citizens or residents in Europe, you will be affected by the provisions of GDPR. Complying to GDPR takes more than adding a banner to your website making visitors aware of cookies from your website.
European citizens have a right to request their personal data in an easily readable format that provides the relevant information on the data being processed, the purpose, and if it was sent to a third party.