Note: This is the final post in our ongoing series on GDPR. We’ll be preparing you all the way to May 2018 on topics like: Privacy Protection and Breach Notification, GDPR Compliance Strategies, GDPR Enforcement and Penalties, Potential GDPR Costs, GDPR Auditing and more. Subscribe using the button on the right and you’ll be updated when we post a new article.
GDPR Final News and Notes
One very common and honestly quite logical question floating about right now is: Are you ready? This is the week in which the European Union’s (EU) General Data Protection Regulation (GDPR) takes effect, Friday 25 May 2018 to be exact. So we must ask as well… ARE YOU READY? At this time there are still many questions about what enforcement will look like. What will be the impact GDPR will have on consumers and businesses alike. The bottom line of GDPR is that compliance will be mandatory this coming Friday and as businesses and organizations move forward they simply must remain focused on data protection.
Sadly, according to a recent survey many companies are simply not going to be prepared for GDPR on 25 May 2018. According to Crowd Research Partners 60% of organizations are likely to miss the deadline. The other 40% are either compliant or well on their way. A staggering majority of these are only “well on their way” as only 7% of companies are already in compliance with GDPR Requirements currently. There are various theories of why companies are not compliant from being unaware of the regulation, being intimidated by its complexity, or some even say that some organizations in the U.S. could be taking calculated risks of not incurring the cost of compliance or simply taking a “wait and see” approach.
As we have said throughout this series more will be learned as we venture into a business world governed by GDPR. However, it is clear that consumers are becoming more aware of data that has been collected and how it’s used. Organizations simply cannot ignore protecting that data moving forward. Now it not the time for businesses to dig in to the trenches as that could bring about definite failure as more and more people take back control of their own private data.
Throughout this blog series we have attempted to be a resource of information. We hoped to cover some of the major points of GDPR albeit at a very high level. Our hope was to provoke thought and if nothing else start the conversation about the transition to a new data world governed by GDPR where protecting data matters and not losing site of the fact that the true owner of the private data is in the end the consumer. The EU has taken a stand with GDPR and that enforcement starts this week. Initially it will effect major corporations that have business relationships with either EU businesses or citizens. Eventually, the popularity of private citizens controlling their own personal, private data will win out. Staying in the dark is not the answer!