A new report from leading enterprise scale big data architecture and machine learning tech company Exonar has revealed that most UK businesses are on track for complying with the new European Union General Data Protection regulations that will come into force on May 25 2018. However, the report also shows that roadblocks remain for some.
With the introduction of GDPR now less than 12 months away, Exonar have undertaken a wide ranging study of the data protection and wider IT community to understand how prepared businesses are across the UK for the new regulation and see what challenges are standing in their way.
The good news from the results is that the majority of companies recognise that complying with the new European Union General Data Protection Regulations is very important and have already begun completing preparations to be compliant with GDPR or have a plan that will see them compliant by May 25 2018.
However, the report did highlight that there are still businesses that are experiencing significant challenges in the form of time, money and understanding just what compliance with GDPR entails and how far reaching it is.
Some of the key takeaways from the report are:
- 77% of organisations in the UK are on course to be compliant with the new European Union General Data Protection Regulations by May 2018.
- 84% believe that the GDPR is a good thing overall and that it will make their business data more secure.
- Key challenges of compliance stated are both time and money.
- Only 29% have a designated Data Protection Officer (DPO) which indicates there is some confusion as to who will take responsibility for GDPR in some organisations.
- 6% of respondents wrongly believed that Brexit will mean that GDPR will not apply to them.
Exxon’s CEO Adrian Barrett commented: “Although the overall results were positive, significant challenges still remain in the form of time, money and understanding over the reach and implications of the new regulation. It’s clear some companies are shackled and their plans aren’t progressing or even formulated. This situation is often worsened by a lack of project leadership and failure to identify responsibility.
“Businesses must ensure they fully understand the new regulations and, crucially, understand how, where and why their data is currently being processed. For most, a period of data discovery needs to be undertaken before they can put a plan into action and it needs to be done quickly as time is running out. To that end, new technology such as Big Data and Machine Learning will prove invaluable in speeding up the first steps to secure data handling.”
A full copy of the repoert is availble here: http://www.exonar.com/downloads/2017/07/Exonar-GDPR-Preparedness-Survey_-Key-Trends-and-Challenges.pdf