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RSM’s GDPR Webinar: A roadmap to help deliver compliance and avoid penalties
From: 30.11.2017 To: 30.11.2017 Share
RSM is inviting you to a special GDPR Webinar: A roadmap to help deliver compliance and avoid penalties on the 30th of November 2017 at 12.00GMT. To join us please register in advance.
Businesses across Europe are unprepared for the EU’s General Data Protection Regulation (GDPR), which comes into law in May 2018, according to new research conducted for RSM, the 6th largest audit, tax and consulting network, by the European Business Awards sponsored by RSM. The survey, completed by 400 of Europe’s successful business leaders, asked about their preparedness for GDPR and how the new regulation will impact their operations.
Less than 12 months before the new regulation comes into effect, only 8% of business are ready for GDPR, and have made the necessary changes to be compliant with the regulation. Meanwhile, one in four business leaders (28%) are completely unaware of the regulation they will have to adhere to. Over half (51%) believe the regulation is too complex for SMEs and middle market businesses, but agree that increased regulation around the use of personal data is necessary. Worryingly, 26% of business leaders familiar with their GDPR strategy, admit their organisation will not be compliant by the May 2018 deadline.
Businesses that fail to comply before the deadline could face fines of up to 4% of global turnover or €20 million, whichever is higher.
The process of preparing for GDPR is already impacting business operations. The survey highlights that a concerning number of businesses are cutting back in other areas including plans to create innovative new products (23%) or to fuel growth through international expansion (22%).
The complexity of the GDPR regulation is starting to weigh on European businesses. Of those that are looking at the regulation, 51% believe it is too complicated for SMEs and middle market businesses. Two out of five companies (41% of those involved in or aware of their organisation’s strategy) believe the requirements of the GDPR regulation will significantly increase their business expenditure, including spending on consulting services. The use of external expertise is increasingly prevalent, with 60% of businesses looking for external support in order to deliver their compliance project before the May 2018 deadline.
Despite the complexity of the regulation, businesses do appreciate the necessity of GDPR. Business leaders across Europe support the changes with the majority (52%) agreeing that regulation to monitor the use of personal data is necessary.