Study finds that 72% of those surveyed will be ready for GDPR. Really?
Software company EfficientIP, in partnership with the research firm Coleman Parkes, surveyed over 1000 companies over the world about their preparation for GDPR.
Here are the key findings:
72 per cent of respondents said they were confident they will be ready for GDPR.
UK companies are the most confident in comparison with other European companies; 73% said their company will be GDPR-ready. This is despite the Brexit uncertainty. Click here to read about the uncertainty as to whether the UK will continue with GDPR.
Companies in North America are the most confident in the world. 84% of American organisations and 74% of Canadian organisations stated that they will be prepared.
Companies believe there will be a variety of benefits from implementing GDPR; 46% stated that the most important benefit from being GDPR compliant is gaining customer trust to handle sensitive benefit.
On average, global organisation have spent around £1, 145, 000 on compliance. SMEs have spent on average on compliance £893 000.
These findings are more encouraging than previous studies. For example, Alert Logic’s survey found that 5 per cent of the European companies believed they were compliant with the up and coming GDPR. Censuswide found that 63% of UK respondents believed that becoming GDPR compliant will increase levels of complexity within their business.
Although surveys are a good way to gain an understanding of a current environment, respondents are not always truthful and surveys by there very nature provide subjective feedback.