Wikipedia disagrees on the enforcement start and claims that is tomorrow.
But I agree with you, the way most interpret the regulation and its sanction is not how Europeans do laws. The "administrative fines up to ..." as you can read in the text http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELE... Those high fines are meant for large ill-meaning companies, but the small 2-ppl-SaaS that doesn't report or act on a data breach will get a slap on the wrist and a fine proportionally to their size.