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100 days to GDPR: majority of companies will be ready

In the count down to the EU's General Data Protection Regulation (GDPR), the majority of organisations worldwide are now ready to comply – having spent an average of US$1.5 million. This is according to research from EfficientIP, a provider of global network data services. With 100 days to go before the 25 May deadline, the research shows that seven out of 10 organisations worldwide are confident they will have all required GDPR compliance processes in place by 25th May 2018 – but they have spent an average of US$1.5 million on compliance. It also found that, for the first time, organisations identify positive benefits of compliance.

Not all European countries are equally prepared and the survey of 1,000 companies found that, surprisingly, UK companies are more prepared than some of their close neighbours, despite the uncertainty of Brexit and how it will affect the enforcement of GDPR once Britain leaves the EU. More British companies – 74 per cent – said they will be ready by 25 May, compared to 73 per cent of Spanish businesses, 66 per cent of French companies and 61 per cent of German organisations.

Companies in the survey said they expect to see a number of benefits from GDPR compliance, such as gaining customer trust to handle sensitive data, enhanced brand awareness and increased customer loyalty.

How much are companies spending on GDPR compliance?

But GDPR compliance has come at a huge cost for most organisations, as follows:

  • US$1,583,000 (£1,145,000) – the average spent by global organisations so far on GDPR compliance;
  • US$1,969,000 (£1,424,000) - German businesses;
  • US$1,798,000 (£1,300,000) – British businesses;
  • US$1,781,000 (£1,288,000) – French businesses;
  • US$1,568,000 (£1,134,000) – US businesses;
  • US$1,521,000 (£1,100,000) – Singapore businesses;
  • US$1,263,000 (£893,000) - small and medium business;
  • up to $5 (£3.5) million – large businesses.

EfficientIP's Herve Dhelin said: “As organisations enter the final straight of GDPR compliance with 100 days to go, our research shows they have never been so close to regulatory compliance. There is still some work to do, but it is encouraging to see nearly three-quarters of businesses are ready and most organisations see monitoring and analysis of DNS traffic, not firewalls nor endpoints, is the best way of preventing data breaches.”

EfficientIP is a provider of global services for managing network data, such as domain names/IP address management, collectively known as DDI (combining the acronyms DNS, DHCP and IPAM).

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