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Only 40% companies will meet GDPR compliance deadline: 2018 GDPR Compliance Report

The deadline for General Data Protection Regulation (GDPR) compliance is just three weeks away, and around 60% of the companies are likely to miss the deadline, as per the 2018 GDPR Compliance Report by Crowd Research Partners.

GDPR is a kind of regulation that will require companies to protect the information and data of EU subjects and those who are dealing in any goods or services with the EU citizens. First approved and adopted by the parliament of EU in April 2016, it will generally come into action from 25th May 2018.

With this, the companies that are falling under European Union countries will need to comply with strict rules revolving around collection and usage of customer data, enforceable by the new GDPR law.

Here, the companies will need to implement strict data protection policies to safeguard the user data, like IP information, cookies, name, contact or address and ensure that it is not publicly available.

  • Only 40% companies will be GDPR compliant by deadline

In last year’s survey, it was found that only 5% companies were in full compliance for GDPR. The number hasn’t improved much till then, with only 7% companies indicated compliance readiness in the latest GDPR compliance survey.

According to the report, 33% of the companies expected to meet all the compliance requirements before the deadline.

32% companies had started the compliance process but were not sure about meeting the deadline. Whereas, 28% had plans but hadn’t made any progress.

GDPR compliance prepared

  • Half of the companies quite familiar with GDPR

50% of the companies had either deep knowledge or were quite familiar with GDPR regulation. Whereas, one quarter of the companies knew some details about GDPR.

What’s shocking is that despite the publicity surrounding GDPR, 25% of the companies had either very limited knowledge or no knowledge at all.

GDPR compliance familiarity

  • Majority of companies consider GDPR compliance a priority

Most of the companies (80%) considered GDPR compliance a top priority, with 34% counting it among top three priorities, and 46% counting it among a number of priorities.

Whereas, 20% of the companies were not even counting GDPR compliance a priority.

GDPR compliance priority

  • Top GDPR Compliance challenges

The lack of expert staff (43%) and lack of budget (40%) were the primary challenges for companies to become GDPR compliant, revealed the survey.

The other significant challenges for GDPR compliance were limited understanding of regulations (31%), lack of necessary technology (23%), and lack of management support (20%).

GDPR compliance challenges

  • GDPR compliance efforts will increase data governance budget

56% of the companies expected rise in their data governance budget to tackle the GDPR compliance challenges. 39% companies believed that it would neither increase nor decrease their budget, while only 5% expected a decline.

  • Majority of companies expect to make minor changes in security practices

The survey respondents cited cybercriminals (60%) and accidental loss by employees (57%) as the biggest threat to their organization’s data.

To become GDPR compliant, 28% of the companies said that they would need to make major changes to their security practices and systems.

A majority of companies (56%) expected minor changes, whereas 16% expected no change at all.

GDPR compliance changes

  • Majority of companies to spend at least 500 staff hours this year on GDPR efforts

Around 77% of the companies said that they would need to spend at least 500 staff hours this year on GDPR compliance.

Whereas, 23% expected to spend more than 1000 hours this year on the GDPR compliance efforts.

GDPR compliance time in efforts

  • 63% companies will take more than two months (from survey date) to become GDPR compliant

Majority of companies (63%) said that they would need more than two months from the survey date, to become GDPR compliant. 37% expected to spend at least two months more, whereas 14% will need more than 48 months.

Also read: Microsoft, Facebook, and other tech companies sign cybersecurity accord to not assist government in cyberattacks

For the comprehensive report, the IT, cybersecurity and compliance professionals in 400,000-member Information Security Community on LinkedIn were surveyed.

Images source: 2018 GDPR Compliance Report 

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With GDPR drawing closer, learn its nuances, impact on businesses with GDPR Interactive Sessions by IE

The GDPR set of compliance and policies will be in effect on May 25th, 2018. With this, companies in EU or those running businesses in EU, need to be aware of the different ways in which GDPR will affect their business strategies.

The GDPR Interactive Sessions – powered by the Innovation Enterprise, provides senior executives and attendees the platform to discuss and debate the latest technology trends and innovations that are shaping, or has the potential to shape the future of businesses.

As part of the London Data Festival 2018 – featuring 4 summits across 2 days, the GDPR sessions will primarily discuss topics like Impact of GDPR on marketing and sales; compliance to GDPR; is GDPR an opportunity; and trust, transparency and progressive information rights.

The GDPR Interactive Sessions will witness 8+ industry leading speakers, 80+ senior level attendees, case studies, and 10+ hours of premium content and networking opportunities.

The sessions will also discuss the role of senior executives in the implementation of GDPR policies across the organization. As GDPR will affect the entire organization and not just one department or process, the senior level executives have a primary role to play in order to reframe the current company policies to make them GDPR compliant.

The list of speakers includes Tini Sevak – Global Director of the Data Application, YouGov, Peter Jackson – Chief Data Officer, Southern Water, Moad Raghie – Global Digital Projects Manager, JLL, Damien Austin – Walker, Product Director, Do-It.org, and James Sandberg – Chief Customer Devotee, Customer Devoted Ltd.

The sessions will take place at the etc.venues 155 Bishopsgate conference and exhibition centre, located next to the Liverpool St. Station in the heart of London City.

Stay tuned to get latest updates from the sessions.