A survey of over 900 businesses in Europe, Asia and North America found that 86% of the organisations canvassed are concerned that a failure to adhere to the General Data Protection Regulation (GDPR) will have a major negative impact on their business.
The GDPR is due to come into effect on 25 May, 2018 when governments across the European Union (EU), including the UK, will enact the most stringent data privacy regulations yet imposed.
The research, commissioned by global software company Veritas Technologies, suggests that the potential impact of the GDPR is creating serious concerns among businesses both in Europe and further afield.
The ‘2017 Veritas GDPR Report’ also found that 47% of the organisations surveyed fear that they won’t meet the requirements of the legislation in time for the May 2018 deadline, and many have concerns about what that could mean for their employees and their company as a whole.
Nearly one in five (18%) respondents expressed worries that non-compliance could ultimately put their company out of business, with 21% concerned about potential lay-offs due to GDPR compliance failures.
Organisations are also worried about the impact non-compliance could have on their brand image, particularly the public disclosure that organisations will be required to make under the new legislation in the event of a data breach.
Nineteen per cent of firms surveyed said that they feared that negative media or social coverage could cause their organisation to lose customers, with 12% very concerned that their brand could be devalued as a result of negative coverage
The GDPR will impact any company – including those outside the EU – that hold personally identifiable information (personal data) on EU citizens.
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