Once again, research has found that there is “widespread confusion” when it comes to businesses being ready for GDPR.
A new research report conducted by WatchGuard Technologies and Vanson Bourne found that globally 37 per cent of businesses don’t know if they need to comply with GDPR or not. More than a quarter (28 per cent) think they don’t need to comply at all.
In the UK, 25 per cent don’t know, and 13 per cent think they don’t need to comply.
“Once enforcement for this new legislation begins, companies all over the world will feel its impact. Unfortunately, the data shows that an alarming number of organisations are still unaware or mistaken about the need for GDPR compliance, leaving them three steps behind at this stage,” said Corey Nachreiner, chief technology officer of WatchGuard.
“In the Americas, just 16 percent of organisations believe they need to comply. With sensitive customer data and non-compliance fines at stake, every company with access to data from European citizens needs to ensure they truly understand GDPR and its ramifications.”
When it comes to companies that feel they’re fully prepared for the upcoming regulation – there’s just 10 per cent of those. More than four in ten (44 per cent) don’t know how close they are to full compliance.
“Penalties for noncompliance are steep and the deadline is just around the corner,” Nachreiner added. “Companies stand to lose four percent of their worldwide revenue if they haven’t met all the requirements by next May. The only way to prevent unnecessary fines and frustration is to take a good hard look at the criteria, assemble a GDPR plan of action and begin implementing it immediately.”
Image source: Shutterstock/Wright Studio