Cyber-attacks have been an evolving threat to all businesses in recent years, with large-scale global attacks such as WannaCry and Petya making the headlines in 2017 and bringing IT security into sharp focus. It’s no surprise that 48% of businesses identify cyber as their largest concern, according to our Risk and Confidence survey. Additionally, from May 2018, a data breach may lead to much larger and more severe regulatory penalties with the introduction of the General Data Protection Regulations (GDPR).
Despite the potential pitfalls of GDPR, new research shows that the UK is the most well prepared European country for GDPR, with 71% of organisations knowing about and/or are prepared for the changes. The next most prepared country is Germany, with only 52% of organisations.*
One possible explanation for this high level of preparation and confidence is a shift in perception of GDPR, with many UK businesses now viewing it as a positive change. Whilst it is true that these changes are being enforced by legislation and harsher penalties, the real purpose of GDPR is to reinforce the importance of organisations’ approach to handling and processing personal data.
In a world where businesses are increasingly reliant on technology and data, the GDPR change is a positive step forward. By better managing how personal data is used, organisations will be able to build greater trust and loyalty with their customers, which in turn should enhance their brand and bottom line.
The flip side of the 71% is that 29% of UK businesses either don’t know about or don’t feel prepared for GDPR. This is worrying, as GDPR will have major implications for how businesses store and process data, and it is vital they begin to prepare as soon as possible. Here are some tips on how to prepare for GDPR.
*Study by W8 Data, carried out amongst the top 10 European countries by GDP.