A new survey by leading security firm Guidance Software has revealed that just 16% of 200 USA and UK companies are in the advanced planning stages of complying with the new European Union General Data Protection Regulations that will come into force on May 25 2018.
18% of organisations questioned said that they were in the mid-term planning stages for GDPR compliance and 11% said that they were only at the initial planning stages of compliance planning.
Perhaps more worryingly though, 24% of all the organisations questioned in the UK and US said that would not be compliant with GDPR and a staggering 31% said that they had no timetable for General Data Protection Regulations compliance. This could see them expose themselves to fines of up to €20m or 4% of their annual global turnover, whichever is greater. Failure to comply with GDPR with fines like these could put many companies out of business. Speaking about the results of the survey, Anthony Di Bello, senior director, products, at Guidance Software said:
“With nearly five billion data records exposed in the past four years alone, there is a clear trend towards stronger protection of consumer data, and GDPR is a major first step in that direction. This data suggests that many organisations are, on the whole, behind schedule for compliance. Security leaders must make GDPR a priority over the next year to avoid major financial penalties.”
GDPR Awareness Coalition
More positive news has come out of Ireland this week where organisations do seem to b somewhat more proactive about being compliant with the new General Data Protections Regulations. It was revealed that Ireland has its own GDPR Awareness Coalition which is the brainchild of the president and founder of Host, Gary Connolly. The coalition, is a non-profit, fixed term initiative that aims to raise awareness of GDPR and data privacy in general across Ireland and is growing in numbers on a daily basis. The coalition was established because there was a growing concern about the lack of awareness across Ireland, especially among smaller organisations.
Founder of the coalition, Gary Connolly said:
“Ireland has a very strong and well-respected international reputation for being a leader in the digital asset hosting sector. With many of the world’s leading companies calling Ireland home for their operations in Europe, it was a concern to us when we read some of the recent reports that Ireland had a below-average awareness of the GDPR in comparison to other EU countries. We felt if we could help raise this awareness, we should.”
If a success, we could see such coalitions be formed in other nations but with compliance needed by May 25 2018, time is rapidly running out.