Many business decision makers all around the world are still unaware of what GDPR means for them, a new report by Risk:Value and NTT Security says.
Polling 1350 non-IT executives in 11 different countries, the report says just 40 per cent believes their business will be subject to the EU GDPR. Less than one in five (19 per cent) admitted to not knowing which regulations they’re subject to. In the UK, less than four in ten (39 per cent) see GDPR as a compliancy issue, and 20 per cent said they didn’t know.
Leaving the EU, things get even worse. A quarter of business decision makers in the US, and Australia, and 29 per cent in Hong Kong, believe they are subject to the GDPR.
The GDPR is coming into force in May 2018, which means businesses have less than a year to prepare. Those that fail to comply are facing serious fines which can go up to €20 million, or 4 per cent of global annual turnover.
"In an uncertain world, there is one thing organizations can be sure of and that's the need to mark the date of 25 May 2018 in their calendars," according to Garry Sidaway, SVP Security Strategy & Alliances at NTT Security. "While the GDPR is a European data protection initiative, the impact will be felt right across the world for anyone who collects or retains personally identifiable data from any individual in Europe. Our report clearly indicates that a significant number do not yet have it on their radar or are ignoring it. Unfortunately many organizations see compliance as a costly exercise that delivers little or no value, however, without it, they could find themselves losing business as a result, or paying large regulatory fines."
You can find the entire report on this link (opens in new tab).
The rest of our GDPR coverage can be found on this link (opens in new tab).