Two new surveys have come out with distinctly different outcomes as to whether businesses in the UK are preparing enough for the new European General Data Protection Regulation (GDPR).
A new poll by YouGov that asked 2000 UK businesses about their GDPR preparations (or lack of ) has revealed that there is a significant lack of awareness and urgency to ensure that they are compliant by 25 May 2018. Staggeringly, just one in three businesses in the UK have started to prepare for the implementation of GDPR.
The vast majority of businesses in the United Kingdom are unaware that of the new EU General Data Protection Regulations, with nearly 20% of them admitting that the maximum fine for non-compliance would put them out of business, with 21% saying that it would lead to a large number of redundancies.
The firm behind the YouGov poll, Irwin Mitchell said that they were concerned by the results. “These results are concerning because with next May’s deadline fast-approaching and with so much at stake, our study reveals there’s a very real possibility that the majority of organisations will not be compliant in time,” said Joanne Bone, the firm’s data protection expert.
96% of CMOs Aware Of GDPR
A different story however is seen in another piece of research from Relay42. Their survey, which questioned chief marketing officers across the financial services sector in the UK showed that 96% of CMOs are aware of the new General Data Protection Regulations. However, worryingly, many of these believe that compliance with GDPR is the responsibility of of their IT counterparts, with just 4% believing that marketing has a role in ensuring compliance with the new regulations. Tomas Salfischberger, CEO of Relay42, says:
“My message to CMOs is that they play an important role in the GDPR discussion; it is essential that they join forces with their legal and IT departments. Empowering consumers to take control of their data trails is fully aligned with an organisation’s ambition to offer the ultimate customer experience to consumers.
“The right data management solution, with a flexible consent management tooling and inbuilt ‘privacy by design’ architecture, is instrumental for attaining a high level of customer intimacy and loyalty.”
Along with the report by Relay42 was a supplementary whitepaper that was created in collaboration with Capgemini called ‘GDPR for Financial Services Marketing: How to translate data regulation into customer opportunity’. Speaking about the report, the Chief Technology Officer at Capgemini Ron Tolido said:
“GDPR offers companies a unique chance to rework their customer strategy, changing a reactive stance into a proactive one. It means re-engaging in a real-time dialogue with their customers, based on genuine transparency and openness, secure personal data, free choice and personalisation.”