Many global companies are still unprepared for General Data Protection Regulation compliance, according to a news study by tax and advisory firm EY.
Intensifying regulatory pressures are top of mind for business leaders, with 78 percent of the 745 executives the firm surveyed worldwide expressing increasing concern about data protection and data privacy compliance. But with the May 25, 2018 deadline for GDPR compliance approaching, only 33 percent of respondents said they have a plan in place to comply with the European Union (EU) legislation.
While the average response of those in Europe was more positive, with 60 percent indicating they have a compliance plan in place, there’s much more work to be done in other markets, where significantly fewer companies indicated readiness for GDPR compliance. For example, in the Americas only 13 percent have a compliance plan.
“The pace of regulatory change continues to accelerate and the introduction of data protection and data privacy laws, such as GDPR, are major compliance challenges for global organizations,” said Andrew Gordon, EY global Fraud Investigation & Dispute Services leader.
The survey found that 42 percent of businesses think data protection and data privacy regulations have a significant impact on the design or use of forensic data analytics (FDA) technology. It also showed that just 13 percent of the organizations surveyed are using FDA to achieve GDPR compliance, with more than half indicating they are in the process of analyzing which FDA tools they would use to assist them with achieving compliance.
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