A Visual Look at GDPR Contributing Factors and Compliance Preparations
If you were to Google GDPR, your search would produce over 4 million results. That’s a lot of content! Assuming you don’t have time to read it all, the Perkuto team has compiled key stats to tell the story—consumer fears contributing to the legislation, how organizations are faring in their preparations and the ramifications of non-compliance.
From our research, the stats we found most interesting: 67% of Europeans surveyed cited they would share more personal information if brands were transparent about their intentions for data usage. (The Chartered Institute of Marketing, September 2016) In other words, GDPR is not a marketing deal-killer, but it is a game changer. Further, the stats suggest that with thoughtful data collection practices, we may even see an improvement in our data collection results.
Another interesting stat to note is that 77% of American corporations are making an investment of $1 million or more for GDPR preparedness. (GDPR Preparedness Pulse Survey, PwC US, January 2017) A significant investment, but also pennies on the dollar when considering the financial penalties at stake. We applaud their proactive approach.
Lastly, we are encouraged that 71% of organizations believe data governance will improve because of GDPR. (SAS Survey Data, June 2017) Though it may be challenging now, there is a light at the end of the tunnel—we will survive the preparation process, make the necessary adjustments and be better marketers because of it.