Gapgemini’s Digital Transformation Institute which has its headquarters in Paris have published their report on the readiness of companies, across the world, for GDPR.
According to their survey, 85% of companies across Europe and the USA have stated they will not be ready for the deadline, this Friday, 25th May 2018.
Many companies are concerned they will not be ready in time. Less than a third of those surveyed believed they would be ready and another worry was that they would be unable to meet the compliance standard set out by the GDPR. 81% are reported to have said they can think of areas where they may not meet the required standards.
Another worry for companies having to implement GDPR is training staff and making sure that they understand what GDPR means. This is not an easy task for any company but could be more difficult for smaller companies who may have more limited budgets for compliance issues.
Also as many as half of organisations who know that the GDPR will apply to them admit that a lack of understanding of the data they collect and process is their biggest concerns relating to non-compliance.
Some experts believe that for some small and medium sized businesses, the cost of compliance, especially if any subsequent fines were imposed because of any slip ups in their systems, could put some out of business altogether.
There are companies who can see the positives too. Some see it as a benefit, for instance, 44 per cent agree that the new regulation is a welcome opportunity to overhaul their organisation’s data security processes.
For those who have already taken the necessary steps it is an opportunity to update their security policies for mobile working (67 per cent), and yet, three in ten still worry that they could fail to comply due to mobile working, and 22 per cent of respondents are concerned they may fail due to a lack of encryption.
98% of the respondents recognised that they will need to continue investment in policy, people and technology even after Friday’s deadline has passed.
The report suggests that one in four organisations are unprepared and are unlikely to comply until the end of the year.
With the deadline fast approaching; there is a mixed picture across Europe when it comes to readiness.
According to the survey, British businesses are the most advanced, despite only 55% reporting they will be largely or completely compliant. Other countries like Spain (54%), Germany (51%) and the Netherlands (51%) are close behind, with Sweden having the most work to do: just 33% of Swedish firms will be largely or completely compliant on time.
According to Willem de Paepe, Global GDPR leader at Capgemini, “Executives now have a great chance to use GDPR to create a customer-first privacy strategy. That business opportunity is significant. Beyond gaining consumer confidence and increased spending, knowing exactly what data is held allows firms to use analytics more effectively and improve operations. Firms will also know which files they must delete, freeing up valuable storage space and reducing some of the $3.3 trillion it will cost to manage data globally by 2020.”