Cyber security firm EfficientIP has released a study which shows companies are more ready for GFPR than the government believes.
For those who came in late EU General Data Protection Regulation (GDPR) replaces the Data Protection Directive 95/46/EC and was designed to harmonize data privacy laws across Europe, to protect and empower all EU citizens data privacy and to reshape the way organizations across the region approach data privacy.
The UK Digital Minister Matt Hancock has been pushing businesses ready ahead of EU’s GDPR, often underlining how unprepared they were and government surveys depicting businesses as completely oblivious to the most important regulation in the last five years.
However with 100 days to go until GDPR, EfficientIP’s study telling a different, more positive story. Things might not be as bleak as the UK Government would like us to believe. Businesses feel ready, understand the challenges of GDPR, preparations are well underway. Recent findings from the global study of 1,000 businesses showed:
The report said that 74 percent of UK businesses are confident or very confident they have all the processes in place and are ready ahead of GDPR.
Each UK business is spending an average of £1.3 million, lagging only behind Germany in terms of GDPR spending.
Businesses understand the benefits they will gain from GDPR: 46 percent say the most important benefit from being GDPR compliant is gaining customer trust to handle sensitive data. 31 percent of businesses believe the most important value from compliance is enhanced brand awareness.
