85% of businesses unprepared for looming GDPR deadline, says Capgemini
A new study from Capgemini has highlighted the precarious position held by the majority of businesses ahead of the upcoming GDPR deadline.
From Friday May 25th, companies will have to comply to a set of new European Commission regulations regarding the accumulation and dissemination of personal data - but Capgemini's study highlighted that 85% of business in Europe and the United States are struggling to get their houses in order ahead of next week.
Surveying 1,000 executives and 6,000 consumers across eight markets, it found that the large majority of subjects will not be ready in time and that up to a quarter won't even be compliant by the end of 2018.
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Some countries are further ahead in their preparations than others. British businesses are the most advanced, despite only 55% reporting they will be largely or completely compliant, with Spain (54%), Germany (51%) and the Netherlands (51%) close behind.
Capgemini also believes, however, that companies are overlooking the potential positive impact GDPR could have on their bottom lines.
"Executives now have a great chance to use GDPR to create a customer-first privacy strategy. That business opportunity is significant," said Willem de Paepe, Global GDPR leader at Capgemini.
"Beyond gaining consumer confidence and increased spending, knowing exactly what data is held allows firms to use analytics more effectively and improve operations. Firms will also know which files they must delete, freeing up valuable storage space and reducing some of the $3.3trn it will cost to manage data globally by 2020."
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