Are EU companies failing to properly prepare for GDPR?
New research has revealed how a significant proportion of European businesses are failing to successfully prepare for the introduction of GDPR.
A significant proportion of EU companies are yet to fully appreciate the dramatic impact that the introduction of the new General Data Protection Regulation (GDPR) will have on their business.
This is according to new research published by California-based tech outfit Senzing, which has shown that 60 per cent of European business leaders admit to "not being prepared" for the impending implementation of GDPR in May this year.
Wider understanding of GDPR still needed
Based on the responses of 1,000 senior executives from organisations in the UK, France, Germany, Italy and Spain, the report revealed that almost one-quarter (24 per cent) of companies could now be "at risk" of failure to comply with GDPR.
In addition, a further 36 per cent of respondents stated they have been "challenged" by the rollout of this new regulation, while just 40 per cent of European business leaders who took part in the study described themselves as "ready".
GDPR will see widespread changes to the way all businesses handle sensitive personal information in future, and company leaders must now recognise the need to amend their practices in line with this far-reaching shift in data management best practice.
Ultimately, companies that fail to react and adequately prepare for the changes wrought through GDPR will be stung by significant fines, potential lost revenues and a weakening of consumer trust - it is simply something that all businesses must now do.
There's still time for action
According to Senzing's report, companies will receive 89 enquiries per month on average around GDPR, which in turn will require them to search an average of 23 individual databases.
It means the issue of staff training and compliance will be felt across all aspects of business function, with approximately one in ten companies (12 per cent) not currently confident they know where all the required information can be found.
Investment of sufficient time and resources to prepare for the introduction of GDPR should therefore now be a top priority for all European enterprises, but in many cases, it is an issue that is not being adequately addressed.
Organisations wishing to successfully prepare their staff for the introduction of GDPR, and the changes this will mean for their business and practices, can do just that by working alongside Virtual College.
Our 'Essentials of GDPR Course' will allow participants to learn at their own pace, but will spell out in detail all of the crucial steps that organisations and individuals must now undertake in order to be fully GDPR compliant.