Magazine article Information Management

Survey: New Data Privacy Rules Expected to Cost Companies

Magazine article Information Management

Survey: New Data Privacy Rules Expected to Cost Companies

Article excerpt

A recent Ovum global survey of 366 IT leaders revealed that about 52% of respondents believe the new European Union (EU) General Data Protection Regulation (GDPR) will result in business fines for their company, and two-thirds expect it to force changes in their European business strategy.

Respondents--63%--also said they think the GDPR regulations will make it harder for U.S. companies to compete, and 70% said the new legislation will favor European-based businesses. Interestingly, respondents cited the United States as the least-trusted country for respecting privacy rights, followed by China and Russia.

More than 70% of respondents expect an increase in spending in order to meet data sovereignty requirements, and more than 30% expect budgets to rise by more than 10% over the next two years as a result of EU regulations. Fines for GDPR violations are potentially 2% of global revenue, which could translate into billions for the world's most profitable companies.

To adapt to the new regulations, 55% of those surveyed said they are planning new training for employees, 51% said they will amend and adapt policies, and 53% said they will prepare by adopting new technologies. …

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