Companies Worldwide Fear the Impact of the EU GDPR

 
 
By Karen A. Frenkel  |  Posted 06-13-2017 Email
 
 
 
 
 
 
 
 
 
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    Companies Worldwide Fear the Impact of the EU GDPR
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    Companies Worldwide Fear the Impact of the EU GDPR

    The EU's General Data Protection Regulation (GDPR) will affect companies worldwide, and many fear noncompliance could cause them to go out of business.
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    Widespread Concern About EU GDPR
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    Widespread Concern About EU GDPR

    86% of the business decision-makers surveyed are concerned that if they don't comply with the upcoming GDPR, it will have a major negative impact on their business. 18% said they fear noncompliance could put them out of business.
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    Current Technology Can't Manage Data
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    Current Technology Can't Manage Data

    32% of respondents fear that their organization doesn't have the necessary technology to manage their data effectively, which could hinder their ability to search, discover and review data as required by the GDPR.
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    Companies Unable to Find Data
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    Companies Unable to Find Data

    39% of the business decision-makers said their organization can't accurately identify and locate relevant data. The regulation mandates that businesses must be able to provide individuals with a copy of their data, or delete it, within 30 days.
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    Major Concern About Data Retention
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    Major Concern About Data Retention

    42% admitted that they have no mechanism by which to determine which data should be saved or deleted based on value. GDPR requires companies to delete personal data when it is no longer needed for the purpose given to the individual whose data had been collected.
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    Additional Concerns about Data Retention
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    Additional Concerns about Data Retention

    Deleting data that may have been useful in the future: 39%, Inability to accurately identify, locate and manage personal data: 39%, Not having the right tools to monitor data in real time: 32%, Not prepared to protect personal data from breach, loss or damage: 30%
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    Investing in GDPR Compliance
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    Investing in GDPR Compliance

    31% of the business decision-makers surveyed believe their organization is GDPR-ready. Seven-figure investments are the norm for those working toward compliance, and some firms expect to spend more than $1.4 million.
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    Asia Is Most Lacking in GDPR Readiness
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    Asia Is Most Lacking in GDPR Readiness

    Singapore, Japan and the Republic of Korea are the least ready for GDPR. Respondents in Singapore (56%), Japan (60%) and Korea (60%) fear they will not be able to meet regulatory deadlines.
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    Concerns About Layoffs
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    Concerns About Layoffs

    Business decision-makers in the United States and Australia are the most concerned that GDPR noncompliance penalties could lead to layoffs, at 26% and 30%, respectively.
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    Worry About Brand Damage
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    Worry About Brand Damage

    19% fear that negative media or social coverage could result in lost customers, and 12% of them are very concerned that their brand would be devalued as a result of negative coverage.
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    Seeking Outside Assistance
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    Seeking Outside Assistance

    65% of the business decision-makers surveyed said their organization has worked with, or is currently working with, third parties to support their GDPR efforts.
 

Companies face steep and annually rising noncompliance fines, and they fear that noncompliance could cause their businesses to close, according to a new study. The study, which was conducted by Vanson Bourne for Veritas Technologies, examines the potential impact of the European Union's General Data Protection Regulation, which will go into effect on May 25, 2018. "There is just [about] a year to go before GDPR comes into force, yet the 'out of sight, out of mind' mentality still exists in organizations around the world," said Mike Palmer, executive vice president and chief product officer at Veritas. "It doesn't matter if you're based in the EU or not, if your organization does business in the region, the regulation applies to you." He recommends implementing an advisory service to check the level of readiness and build a strategy that ensures compliance. Nine hundred business decision-makers were interviewed in February and March 2017 across the United States, the United Kingdom, France, Germany, Australia, Singapore, Japan and the Republic of Korea. Respondents were from organizations that do business within the European Union and therefore hold personal data on EU residents.

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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