Organisations should put in the effort to ensure that they adhere to the European Union’s General Data Protection Regulations (GDPR) that will become valid in May 2018. Organisations are aware of the implications of the regulations; however, they are still slow to be compliant.
Some industries, such as the hospitality and banking industries are, however, complying. These two industries are the leading industries with compliance rates of 48% and 43% respectively. The average compliance rate has so far been 37%. It is high time that organisations become compliant before the enforcement of GDPR to ensure that data breaches are not very disruptive to their operations.
Patrick Van Eecke, a partner at DLA Piper, stated that organisations have to put in work to ensure data protection. If organisations in Europe are to avoid the severe financial consequences under the GDPR, they must improve on their score by the time the GDPR becomes valid.
With data being essential for any organisation, it is vital that the organisations heavily invest in mechanisms that will ensure maximum data protection. Data protection mechanisms will not only prevent organisations from serious penalties but will also ensure that organisations do not expose themselves to reputational damages.
Understandably, organisations may take time to comply with the new privacy requirements because of the work involved to ensure compliance. However, if they continue delaying compliance, the regulations will come into force without them being fully prepared.
The GDPR applies processing conducted by companies that have their operations within the European Union. It also applies to companies that are outside the European Union but offer services or goods to persons in the European Union. The government of United Kingdom has confirmed that the enforcement of GDPR will still commence in the UK despite its decision to leave the European Union. Organisations should ensure compliance with the GDPR to avoid hefty fines.