UK Directors’ Survey Finds 40% of Companies Not Prepared for GDPR

May 20, 2018

 

Although the GDPR goes into effect on May 25 there appears to be no assurance that organizations and businesses will be prepared.

GDPR is aimed at safeguarding the private data of all EU residents anywhere in the world. So, any firm, anywhere in the world with European Union clients or employees should have a plan for GDPR rules and a way to make sure that people have their rights clearly understood.

Companies, particularly those outside European Union states, are often ignorant that GDPR law and fines apply to their firm.

Survey firms have been busy surveying businesses concerning their level of readiness for GDPR. A survey of company directors noticed that a tad over half of those probed felt that their enterprise will be prepared for the GDPR. Some heads of firms confess to being uncertain of how GDPR actually relates to them. A few were even certain, and wrong, about GDPR having no bearing on their business.

It was also pointed out that the number of businesses that expressed high confidence in their preparedness to meet GDPR time limit has declined in the last six months.

Approximately 700 firms replied to this April poll.  The outcomes of this study are consistent with a survey carried out by Janco Associates of American firms which do business with European Union citizens. Only one in three American firms said they were prepared for GDPR.

There are different theories concerning why firms are certainly not prepared for GDPR.  There is a lack of knowledge that your firm should comply even though it has no locations in European Union states.

One more reason is the high cost of having a process in place. The difficulty of GDPR and the labor needed to be compliant is also a trouble. Some firms have adopted the approach: let them find me in non-compliance. It will be cheaper to pay the penalty.