In 2017, the General Data Protection Regulation caused a lot of panic among many business owners who knew the deadline to become compliant was May 2018. Here we are approaching September 2018 and studies have shown that GDPR compliance rates are indeed low, three months in. Reports from the Business Industry Information Association (BIIA) show that only 20 percent of firms are fully compliant, according to the study. More than 90 percent of firms that responded to the survey stated that they are looking to hire staff to ensure compliance by the end of next year. Although the full compliance rate is low, the number of companies that showed traction in their GDPR implementation efforts was up significantly in the U.S. from 38 percent to 66 percent.
GDPR General Data Protection Regulation Manufacturer 2W Tech
GDPR continues to present real concerns for IT departments that are responsible for storing and protecting their organizations’ information as it flows in and out of supplier networks. The core problem remains the same, most organizations do not fully understand what data they possess because of the expansive amounts of programs they use. Without having knowledge on where all the data is stored, the task of protecting it becomes impossible. 2 out of every 3 Manufacturers has seen an attack on their supply chain by malware such as NotPetya and CCleaner. If the fines and penalties for not being GDPR compliant doesn’t scare you, the potential threat of a ransomware attack should.
The businesses that have achieved GDPR compliance have reportedly spent hundreds of thousands of dollars to do so. The law of unintended consequences applies to the new EU data protection laws, because the big players it seeks to regulate can better afford to comply. Organizations can not meet GDPR regulation standards on their own, regardless of their size. 2W Tech can help. Give us a call today to learn about our Cyber Security Compliance Program and how we can help you meet your compliance regulations without breaking the bank.
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