Survey Indicates that US Firms are Not Prepared for GDPR

June 17, 2018

 

Irrespective of the point that there was a two-year grace period for firms to get ready for GDPR conformity, a recent survey study named “GDPR Readiness Survey” indicates that very few are 100% conforming to the latest European Union law.

GDPR is, a European Union created a rule that needs companies to safeguard the private data and the secrecy of any European Union (EU) natural people when dealings take place in EU Member Countries.

GDPR was created to protect data like recognizable information (names, addresses, and dates of births), health and genetic data, web-based data, and biometric data. The law became enforceable on May 25, 2018 and apply to all businesses functioning in the EU and selling to EU data subjects. GDPR was created on the example that confidential information always is, or must be, confidential and that people have rights in relation to that data or that “data safety is a basic entitlement.”

The outcome of the survey disclosed that just 29% of the participants were conscious of the GDPR, 44% replied saying that they were a bit conscious, and 29% disclosed that they were fully unconscious. The survey also indicated that just 24% of companies thought that they were prepared for GDPR, and 31% believed they were a bit prepared. In contrast to this 36% of companies that said they didn’t feel prepared, and another 9% replied saying that they were uncertain.

These figures are disturbing because the maximum applicable fine is €20 million or 4% of the yearly international income of the firm involved.

In addition to this, the GDPR Readiness survey also disclosed that 45.6% of companies informed that they have not become conforming since they are waiting to see what enforcement arises from the rule. Nevertheless, as more firms are approved with initial penalties, this figure will likely decrease.

In order to become conforming to the GDPR and similar law, companies require to train their staff on these rules and decide how to abide by with the requirements.