GDPR Keeps Your Data Safe and Your Organization Profitable
The obvious reason to maintain compliance with complex regulatory mandates like General Data Protection Regulation (GDPR) is to avoid the wrath of governing bodies and their costly penalties for failure to do so. Your customers also are keeping an eye on your compliance, and if you take too long to get your operations up to speed, it could cost you money. GDPR is a regulation that is part of the EU data protection laws and ensures privacy for all individuals within the European Union (EU) and the European Economic Area (EEA).
In January, Cisco released the results of its Data Privacy Benchmark Study, which focused on the effects of GDPR on businesses thus far. GDPR became enforceable in May 2018, and as of Cisco’s report in January 2019, 59 percent of companies surveyed report they are meeting all or most of GDPR’s requirements. Another 29 percent expect to be compliant within a year. The respondents said the top challenges to getting ready for GDPR were data security, employee training and keeping up with evolving regulations.
Organizations already complying with GDPR could stand to benefit when it comes to the bottom line. Sales delays due to custom data privacy concerns continue to be an issue for most organizations. Eighty-seven percent of the respondents reported they have delays in selling to existing customers or prospects, which is up significantly from Cisco’s 2018 report.
Also, while 80 percent of companies reported having a data breach in the last year, a lower percentage (74 percent) of the GDPR-ready companies were impacted. Among those that were the farthest from being GDPR ready, a whopping 89 percent were affected by a data breach.
Take the next step to getting your organization GDPR compliant by contacting an IT consultant like 2W Tech for help with your regulatory needs. 2W Tech has a Cybersecurity Compliance Program that is designed to support our client’s compliance obligations. Most organizations must abide by and maintain a standard for controls that safeguard the confidentiality and privacy of information stored and processed. We work hand in hand with you to learn more about your required compliances, help obtain proper agreements, and access relevant system architecture information. Give us a call today to get started on your journey to achieving compliance.