I have businesses that don't do anything shady at all with personal data, and I'd like to think we're conscientious about handling what we do have. We follow general good practice in terms of encryption, hashing passwords, and so on. We've never had any sort of request for information under existing data protection rules, nor complaints under any other regulatory regime for that matter.
So, how much time and money should we spend putting together that boilerplate, just to tick a legal box? How much of the documentation formally required under the GDPR should we actually write, given that on the evidence of several years of trading so far it has literally no value to anyone? How much should we spend on things like getting lawyers to review the contracts we have with the small number of outside services we do use, which might have access to some personal data in connection with the services they provide for us, and how often?
If you actually follow the letter of the law here, the costs of compliance would be astronomical by small business standards. There is little proportionately built into the GDPR itself, so we are reliant on regulators to introduce it, and that's not a good position to be in either legally or practically.