With the deadline a month from Wednesday, firms are in varying degrees of being prepared for the EU’s General Data Protection Regulation (GDPR), new studies show.
For example, a study by BSI Group found that only 5% of European companies are fully prepared, and that 33% are just over halfway there, according to the Independent.
Of 1,800 respondents, 97% say that GDPR will impact their businesses. And 36% are devoting significant resources to deal with the regulation, the Independent continues.
At the same time, a study sponsored by the UK law firm McDermott Will & Emery shows that 52% of companies expect to meet the deadline, and that 40% will be compliant after implementation. The remainder are unsure.
In addition, 60% say GDPR will significantly change their workflows, and 71% see that non-compliance could hurt their ability to conduct global business. The average budget for compliance is $1.3 million.
Conducted by Ponemon Institute, that study is based on results from marketers in the U.S. and Europe.
Meanwhile, a survey by Reed Accounting found that 77% of businesses in that sector will be prepared, and that 10% are part of the way there but will probably not make the deadline. Another 6% have yet to do anything, and 7% don’t know the answer, Economia reports.
Overall, 63% have conducted training sessions or taken other actions and 53% have changed procedures. In addition, 32% have updated their anti-virus and anti-malware software, Economia continues. And 11% have hired specialist staff.