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According to the GDPR criteria, any company that stores or processes personal information about EU citizens must demonstrate compliance. Of the respondents who don’t believe the law applies to their organisation, one in seven collect personal data from EU citizens, while 28 percent of respondents unsure about compliance also said that they collect this type of information. The results show that many companies are misinterpreting which types of data constitute a mandate for compliance.
“Once enforcement for this new legislation begins, companies all over the world will feel its impact. Unfortunately, the data shows that an alarming number of organisations are still unaware or mistaken about the need for GDPR compliance, leaving them three steps behind at this stage,” said Corey Nachreiner, chief technology officer of WatchGuard. “In the Americas, just 16 percent of organisations believe they need to comply. With sensitive customer data and non-compliance fines at stake, every company with access to data from European citizens needs to ensure they truly understand GDPR and its ramifications.”
Lack of Preparation
While many organisations have been aware of GDPR for some time, just 10 percent of respondents – including those in the UK – believe their company is currently 100 percent ready.
In another illustration of the lack of clarity and communication around GDPR, 44 percent of respondents stated that they don’t know how close their organisation is to compliance.
Of those who reported that their organisation needs to comply with GDPR (35 percent of total respondents), the majority, 86 percent, believe they have a solid compliance strategy in place. But, 51 percent of those respondents believe that their organisation will need to make significant changes to their IT infrastructure in order to comply. Although the findings show that firewalls, VPN and encryption are the security measures most likely to be involved in compliance strategies, only 18 percent of respondents said that sandboxes would play a role in their GDPR plan.
Time is running out, and companies are feeling the pressure. For organisations that are not yet GDPR compliant, respondents estimate it will take an average of seven months to complete the requirements. To bridge the gap, nearly half – some 48 percent -of respondents’ organisations are, or might, seek assistance with compliance from an outside party.
“Penalties for noncompliance are steep and the deadline is just around the corner,” said Nachreiner. “Companies stand to lose four percent of their worldwide revenue if they haven’t met all the requirements by next May. The only way to prevent unnecessary fines and frustration is to take a good hard look at the criteria, assemble a GDPR plan of action and begin implementing it immediately.”
Delivering strong, enterprise-grade security, WatchGuard’s Firebox security appliances with Total Security Suite address 16 of SANS Top 20 Critical Security Controls (v6). These controls provide customers with the type of all-in-one, easy-to-use data security measures needed for GDPR compliance.
On Thursday, September 14 at 4:00pm BST, WatchGuard will be hosting webinar crash course on GDPR essentials and how to get started toward compliance. Click here to register today: https://secure.watchguard.com/brighttalk. The webinar will also be available on-demand via the same link.
For more information and helpful resources, visit the WatchGuard GDPR Resource Centre.
About WatchGuard Technologies, Inc.
WatchGuard® Technologies, Inc. is a global leader in network security, providing best-in-class Unified Threat Management, Next Generation Firewall, secure Wi-Fi, and network intelligence products and services to more than 80,000 customers worldwide. The company’s mission is to make enterprise-grade security accessible to companies of all types and sizes through simplicity, making WatchGuard an ideal solution for Distributed Enterprises and SMBs. WatchGuard is headquartered in Seattle, Washington, with offices throughout North America, Europe, Asia Pacific, and Latin America. To learn more, visit WatchGuard.com.
For additional information, promotions and updates, follow WatchGuard on Twitter, @WatchGuard on Facebook, or on the LinkedIn Company page. Also, visit our InfoSec blog, Secplicity, for real-time information about the latest threats and how to cope with them at www.secplicity.org.
About Vanson Bourne
Vanson Bourne is an independent specialist in market research for the technology sector. Their reputation for robust and credible research-based analysis is founded upon rigorous research principles and their ability to seek the opinions of senior decision makers across technical and business functions, in all business sectors and all major markets. For more information, visit www.vansonbourne.com