A significant 69% of UK business executives admit to being unprepared for the forthcoming General Data Protection Regulation (GDPR).
This lack of readiness poses a substantial risk to businesses, potentially affecting compliance and profitability. It is crucial for companies to undertake necessary steps to ensure full compliance with GDPR to avoid significant penalties.
A startling 69% of UK executives have not taken essential steps to comply with GDPR, placing their companies at potential risk of penalties.
This widespread lack of readiness is derived from a survey conducted among 500 IT decision-makers in sizeable firms, highlighting a concerning trend of neglect.
Only a small minority of 31% reported that GDPR had the backing of governance at board level.
Equally concerning, a mere 9% of executives acknowledged receiving full support from their compliance departments to address GDPR requirements.
According to Julian Box, CEO of Calligo, many executives mistakenly equate GDPR with just security concerns.
Box emphasises that GDPR involves broader obligations, including data handling and storage compliance, beyond mere security measures.
Failure to address these areas could lead companies to face severe penalties once the regulation is enforced in May next year.
Despite the lack of preparedness, more than 62% of respondents acknowledged that GDPR would affect their profitability.
This admission underscores the pressing need for businesses to prioritise GDPR compliance to safeguard their financial interests.
Calligo’s survey reveals that only 43% of firms have appointed Data Protection Officers, a critical GDPR requirement for medium-sized businesses.
In the IT and telecoms sectors, the appointment rate drops further to just 37%, while manufacturing and utilities sectors see only 36% compliance on this front.
This shortfall highlights a significant gap in preparedness and a potential vulnerability in GDPR compliance efforts.
Julian Box urges top executives to recognise the broader GDPR challenges, stressing the necessity for comprehensive data handling strategies.
Ensuring data protection readiness is imperative, requiring both board-level endorsement and practical compliance department support.
The revelations from this research point towards an urgent need for straightforward action to meet GDPR standards.
UK businesses must urgently address GDPR compliance issues to protect both operational integrity and profitability.
Ensuring comprehensive understanding and implementation of GDPR requirements forms the cornerstone of legal and financial safeguarding as the regulation’s enforcement draws near.
