08
NEWS
GDPR terror continues, with 85% of firms set to miss deadline
G
DPR may come into force with just 15% of firms prepared for the deadline, with only one in four managing to become compliant by the end of the year, according to
new research from Capgemini.
The figures appear in the firm’s new report, Seizing the GDPR Advantage. It surveyed 1,000 executives and 6,000 consumers across eight global markets.
British businesses are the most advanced, despite only 55% reporting they will be largely or completely compliant. Spain (54%), Germany (51%) and the Netherlands (51%) are close behind, with Sweden having the most work to do: just 33% of Swedish firms will be largely or completely compliant on time.
The research, says Capgemini, suggests that some companies are overlooking the business opportunity of GDPR. Nearly one-third of firms are focusing on compliance only: 31% report that the focus of their program is to comply with the mandate rather than gain competitive advantage.
The customer is always concerned
Of those consumers that are convinced an organisation protects their personal data, 39% have purchased more products and increased spend with that individual firm as a result. Some 40% have transacted more frequently with the organisation, either a few times or on a regular basis. The benefits go beyond spending, too: 49% say that they have shared positive experiences with friends and family, bolstering a firm’s reputation among potential consumers.
GDPR has also galvanised consumers across the European continent, should things go wrong, with 57% of individuals saying
COMPLIANCE BY COUNTRY
they will take action against an organisation if they know a firm is failing to adequately protect their personal data. Of these, more than 70% will take action such as reducing their spending (71%), stopping doing business with them (71%) or sharing negative experiences with family and friends (73%).
“Executives now have a great chance to use GDPR to create a customer-first privacy strategy. That business opportunity is significant,” said Willem de Paepe, global GDPR leader at Capgemini.
“Beyond gaining consumer confidence and increased spending, knowing exactly what data is held allows firms to use analytics more effectively and improve operations. Firms will also know which files they must delete, freeing up valuable storage space and reducing some of the $3.3 trillion it will cost to manage data globally by 2020.”
Source: Capgemini: Seizing the GDPR Advantage
Mike Palmer, executive vice president and chief product officer at Veritas, said: “In light of recent events surrounding the use of personal data by social media and other companies, consumers are taking much more of an interest in how their data is used and stored by businesses across many industry sectors. With a flood of personal data requests coming their way in the months ahead, businesses must retain the trust of consumers by demonstrating they have comprehensive data governance strategies in place to achieve regulatory compliance.”
www.ibsintelligence.com | © IBS Intelligence 2018
UK 55%
Spain 54%
Germany 51%
Netherlands 51%
Sweden 33%
TheDigitalArtist/pixabay
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