On May 25, 2018 the EU's General Data Protection Regulation (GDPR) will come into force and as outlined this morning by CItyAM, it appears we are far from ready.
Some key statistics
- Research by IPC shows that 25% of European companies are totally unaware of the GDPR and more than half, 52% are unsure of the impact of the GDPR on their organisation.
- 42% of European organisations say that GDPR is not a priority for them.
- 84% of UK SME's have not heard of GDPR.
- CAI/Oxford Economics research shows that after a severe breach a firms share price drops by an average of 1.8% on a permanent basis. After the impact of GDPR, this lost could increase by a factor of 10.