• by Ray Schultz , March 14, 2018

Over a third of marketers in the U.S. and Europe fail to understand the General Data Protection Regulation or the impact on their firms, according to a study released on Wednesday by Act-On, a marketing automation provider.   

OF 200 marketing professionals polled, 31% say their firms have not yet taken action to adjust their operations or engagement strategies, despite the fact that GDPR takes effect on May 25.

Moreover, 29% are more worried about the cost of preparation and compliance than they are about penalties for non-compliance. Yet only half plan to allocate any budget for GDPR in 2018. Of those that will, 53% expect to spend modest sums — between £1,000 and £7,500. 

The knowledge gap is worse outside the marketing departments — only 45% of the respondents feel that their firms grasp the rules and what they could mean.

“There doesn’t seem to be an industry-wide consensus on GDPR, but it’s clear that a vast number of marketers and businesses remain unprepared or unaware,” states David Fowler, head of privacy and digital compliance at Act-On.

Fowler says “it’s surprising to still see such a disparity, despite the prolonged build up and wealth of support available, but the potential costs and consequences for non-compliance really can’t be understated.” This applies to “businesses of all sizes, from global corporations to enterprise startups,” he adds.