Do companies see GDPR as an opportunity to strengthen data protection and security?

Do companies see GDPR as an opportunity to strengthen data protection and security?

IBM study on GDPR

A study by IBM shows that almost 60% of organizations surveyed adopt the General Data Protection Regulation (GDPR) as an opportunity to improve privacy, security, data management, or as an opportunity for new business models. So they don't just see it as a compliance problem or a barrier to business.

According to the study, a large proportion of companies are trying to comply with data protection regulations by choosing personal data that they want to manage more wisely. As many as 70% of them still lost some data after the end of the allotted time to comply with the regulation.

The preparation of companies for GDPR is a consequence of increased consumer control over the management of personal data by companies. A separate 10,000 consumer survey conducted by Harris Poll on behalf of IBM found that only 20% of consumers in the United States have full confidence in the organizations they work with to maintain the privacy of their data.

IBM survey

Prior to May 25, 2018, IBM conducted a survey on the target group of 1,500 managers from around the world who were responsible for compliance with the GDPR. The results showed how companies approach GDPR. They see it as an opportunity to build trust with customers and promote innovation:

• 76% said that the GDPR would allow them to have more credible relationships with stakeholders, which would create new business opportunities for them.

• 84% believe that evidence of GDPR compliance will be perceived by the public as a positive chance for a competitive advantage.

• Despite this opportunity, only 36% think they will be fully in line with the GDPR by 25 May 2018.

"GDPR will be one of the biggest disruptive forces impacting business models across industries – and its interact with completely regarding the confidentiality of reach extends far beyond the EU borders," said Cindy Compert, CTO, Data Security & Privacy, IBM.

"The onset of GDPR also comes during a time of huge distrust among consumers toward businesses. These factors surveyed more than 1,500 executives responsible for together have created a perfect storm for companies to complying with the GDPR at organizations around the rethink their approach to data responsibility and begin world. to restore the trust needed in today's data-driven economy."

Measures taken

Another key finding of the study is that organizations use GDPR as an opportunity to streamline their access to data and reduce the total amount of data they manage. For many organizations, this means a huge reduction in the amount of data they collect, store and share. According to a new study, the organizations said they had taken the following measures in response to the GDPR:

• 80% say they reduce the amount of personal data they store.

• 78% reduce the number of people who have access to personal data.

• 70% have data that are no longer needed at disposal.

One of the key elements of the GDPR is the obligation for companies to report data breaches to regulators within 72 hours. However, studies have found that only 31% of companies have reconsidered or adjusted their incident response plans in order to prepare for this obligation.

Between February and April 2018, the IBM Institute for Business Value (IBV) and Oxford Economics conducted a survey of GDPR leaders in 34 countries representing 15 industries.