Companies Worldwide Fear the Impact of the EU GDPR
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.
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.
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.
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.
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.
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%
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.
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.
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.
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.
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.
