The European Union’s (EU) General Data Protection Regulation (GDPR) is the most sweeping change to data protection in the past 20 years, and will go into effect in less than a year. Its impact will be felt by every organization that does business in the EU, or handles personal information of EU citizens in any manner.
We benchmarked the status of 200 U.S. companies’ efforts to meet privacy mandates in general, and in particular to meet the May 25, 2018 deadline for the GDPR. The survey was conducted by Dimensional Research on behalf of TrustArc.
On July 26, as the first webinar in the Summer/Fall TrustArc Privacy Insight Series, we had privacy experts talk about what they’ve been seeing as the causes behind some of the key statistics in our research.
The study results showed that 95% of organizations say that the need for technology to help manage privacy is growing. Why the shift from privacy being primarily a policy issue handled by the legal office toward privacy becoming an operational issue requiring sophisticated solutions to manage? Digital Accountability.
Now privacy is a business issue, and compliance requires the entire organization to participate. New requirements around things like Verifiable Consent, the Right to be Forgotten, and Privacy by Design touch departments such as marketing and product. Because accountability now goes beyond the legal team, organizations need solutions to verify and demonstrate that GDPR requirements are being met.
Results also demonstrated that 83% of organizations expect their GDPR spending to exceed $100,000 dollars. While larger organizations plan to spend even more, most organizations are prepared to spend a lot. The deadline is approaching fast and many organizations have a shortage of internal resources. Although the cost may seem high, companies can maximize their investment by taking an integrated approach by having all teams work together toward compliance. Additionally, ensuring that the technology used for compliance is integrated into a long term plan will help get the most out of the investment.
You can read the full report or listen to the webinar on demand. If your organization needs help building, implementing, or demonstrating GDPR compliance, TrustArc offers solutions to help, no matter where your organization stands against the GDPR requirements. Contact us today.