IBM have been looking at how firms are using GDPR as an opportunity to improve relationships with clients. Here are some key data points:
- 60% of surveyed firms are embracing GDPR as an opportunity to improve privacy, security and data management
- The majority of firms questioned are investigating how they can use GDPR to create new revenue streams
- 84% believe their compliance will be a positive differentiator
- 80% of firms say they are cutting down on the personal info they collect and store
- 70% of businesses are disposing of data and 78% are reducing the number of people who have access to stored information
What I found really interesting though is that only 36 percent of firms questioned believed they will be fully compliant with GDPR by the May 25 deadline. Be fascinating to watch what happens in the next few weeks and months to see how that figure improves.
In the weeks leading up to the May 25th enforcement date, IBM's Institute for Business Value surveyed over 1,500 business leaders responsible for GDPR compliance for organizations around the world. The results reveal how companies are approaching GDPR: * 84 percent believe that proof of GDPR compliance will be seen as a positive differentiator to the public * 76 percent said that GDPR will enable more trusted relationships with data subjects that will create new business opportunities * Despite this opportunity, only 36 percent believe they will be fully compliant with GDPR by the May 25 deadline