DocsCorp today released the results of its most recent survey: 'The Current State of GDPR Readiness'. Respondents were asked a series of questions designed to qualify how prepared organizations were for the upcoming changes to data handling under the General Data Protection Regulation (GDPR) which becomes enforceable in May 2018.
The results from the survey found that only 27% of U.S. and Canadian-based respondents had begun preparing for GDPR, which means the remaining 73% are at risk of incurring severe financial penalties if they are not compliant with the regulations by the May 2018 compliance deadline.
Though GDPR is a set of European regulations, it will apply to any organization globally that does business in Europe or with European-based organizations or has employees who are European citizens. What's more, a non-European-based business can be fined 4% of global revenue or 20 million Euros – whichever is larger – if it does not handle or store the personal data of European citizens according to the new set of strict regulations.
The survey also found that 54% of U.S. and Canadian respondents were not aware of the date of the approaching GDPR compliance deadline (May 2018). When asked to indicate their top concern around GDPR, 55% said it was the leaking of personal data, which can occur both deliberately through cyber attacks and unintentionally through accidental disclosure via email or file sharing.