Over half (60%) of organisations are embracing the General Data Protection Regulation (GDPR) as an opportunity to improve privacy, security, data management or even as an incentive for new business models according to a new study from IBM.
The firm's study, “The end of the beginning: Unleashing the transformational power of GDPR” indicated that companies are becoming more selective when it comes to the data they collect and manage with 70 per cent disposing of data ahead of the upcoming regulation's deadline.
A separate poll of 10,000 consumers conducted by Harris Poll on behalf of IBM also found that only 20 per cent of US consumers trust organisations to maintain the privacy of their data.
IBM's Institute for Business Value (IBV) surveyed over 1,500 business leaders responsible for GDPR compliance from firms all over the world. The results show that companies are approaching GDPR as a trust building opportunity with customers that can help drive innovation.
84 per cent of respondents said that proof of GDPR compliance will help improve the public's perception of firms while 76 per cent believe that the regulation will enable more trusted relationships with data subjects that can help create new business opportunities. However, only 36 per cent of the business leaders surveyed by IBM believe they will be fully compliant with GDPR ahead of the May 25th deadline.
Cindy Compert, CTO, Data Security & Privacy at IBM Security highlighted the opportunity that GDPR presents for businesses, saying:
"GDPR will be one of the biggest disruptive forces impacting business models across industries – and its reach extends far beyond the EU borders. The onset of GDPR also comes during a time of huge distrust among consumers toward businesses ability to protect their personal data. These factors together have created a perfect storm for companies to rethink their approach to data responsibility and begin to restore the trust needed in today's data-driven economy."
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