Most top UK and US firms are still overestimating their state of readiness.
Less than five months before the compliance deadline for the EU’s General Data Protection Regulation (GDPR), most top UK and US firms are still overestimating their state of readiness.
According to a survey by international law firm, Paul Hastings, some(delete) 94% of FTSE 350 companies and 98% of Fortune 500 companies believe they are on track to comply with the GDPR by 25th May 2018.
However, the survey also shows that less than half (39% in the UK and 57% in the US) have set up an internal GDPR taskforce and only a third are hiring a third-party to conduct a GDPR gap analysis. Roughly a third are hiring a third-party consultant to assist with compliance, all of which suggests many companies are not as well-prepared as they think.
Despite being one of the crucial requirements for GDPR compliance for any large business involved in “large scale monitoring” of individuals, only 29% of top UK firms and 18% of top US firms are hiring a data privacy officer or additional privacy staff, and only 10% of UK companies polled have an allocated budget for GDPR compliance.
Behnam Dayanim, partner and global co-chair of the privacy and cybersecurity practice at Paul Hastings said: “Achieving GDPR compliance is an enormous task, which in our experience almost inevitably requires dedicated resources and budget.
“Against that backdrop, the confidence among major corporations revealed in our survey seems mismatched with those same businesses’ reports of their implementation efforts,”Return to internet news headlines
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