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Are you EU GDPR ready?
Is your company ready for the introduction of the EU General Data Protection Regulation (GDPR)? A quarter of companies aren't, according to new figures released by the DMA (UK).
With just 16 months to go before the May, 2018 date when the EU GDPR comes into force, 26% of companies in the UK believe they are unprepared for its introduction and only 56% believe they are prepared. The GDPR rules will provide consumers with greater protection while also helping brands to safeguard their own reputation by building long-term relationships with customers' based on transparency and trust.
Just two-thirds (68%) of those asked said their business would be GDPR compliant in time for the 2018 deadline, according to the second edition of the DMA's 'GDPR and You' series of studies into the industry's awareness and preparedness for the GDPR.
Seventy percent of marketers cite consent as the biggest concern they have under GDPR, while 50% are concerned about legacy data and 37% profiling. According to the DMA's findings, the result of these concerns is that 42% of companies are 'conducting impact assessments', 36% are 'giving data subjects greater control of their data', and 31% are 'revising data policy'.
"It is concerning that only half of our industry feels their businesses are prepared for the new rules and not that many more believe they will be ready in time," says Chris Combemale, CEO of the DMA group. "The finish line for GDPR readiness is fixed and the risk to businesses of not being compliant is significant. Our advice is to continue preparations in earnest over the coming year. Not making it across the line in time is not an option."
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