86 percent of companies worldwide report that the potential negative consequences of non-compliance with the upcoming EU General Data Protection Regulation (GDRP) as a major concern, based on Veritas Technologies.
The Veritas 2017 GDPR Report surveyed 900 company decision makers and discovered that 20% believe that non-compliance might end up putting them.
The dangers of non-compliance together with all the new set of regulations, due for introduction in 25 May 2018, are large. Firms face possible fines up to $20 million, or 4% of their turnover’s value — whichever is greater.
GDPR will not affect companies from the EU, but any company that provides goods or services or collects data.
47% of the oragnisations surveyed had serious doubts that they’ll be able to meet with the compliance deadline.
Other possible consequences cited by economists were high penalties resulting in layoffs (21 percent), negative publicity leading to shedding clients (19 percent) or brand value decrease (12%).
“There is just over a year to go before GDPR comes into force, yet the ‘out of sight out of mind’ mentality still exists in organisations around the world. It doesn’t matter if you’re based in the EU or not, if your business does business in the region, the regulation applies to youpersonally,” said Mike Palmer, Executive Vice President and Chief Product Officer, Veritas.
A significant issue highlighted by the research seems to a lack of understanding of not only in which it is located, although the data companies have and the relevance it has to surgeries. This is an important stage of GDPR compliance.
32% fear that their current technological capabilities are unable to manage their information efficiently.
39% claim they cannot identify and locate data in an accurate manner. A key portion of GDPR is that the requirement for businesses to be able to supply people before deleting it with 30 days.
40% said that they did not currently have a mechanism in place for determining which data needs to be saved or deleted. Only 31% considered that their organization is ready.
“A sensible next step is to seek an advisory service that can check the level of readiness and build a strategy that ensures compliance,” continued Palmer.
“A failure to respond now puts tasks, brand reputation and also the livelihood of businesses in peril.”