News • 24.05.2018

Majority of businesses view GDPR as opportunity

Regulation and consumer sentiment causing industry to rethink relationship with data

Icons for Data Privacy; Copyright: panthermedia.net /VilisovVilisov...
Source: panthermedia.net /Vilisov

A new study from IBM reveals that nearly 60 percent of organizations surveyed are embracing the General Data Protection Regulation (GDPR) as an opportunity to improve privacy, security, data management or as catalyst for new business models, rather than simply a compliance issue or impediment.

To reduce their exposure, the study indicated that the majority of companies are being more selective in the data they collect and manage, with 70 percent disposing of data ahead of the deadline for compliance.

Companies' preparation for GDPR comes in the wake of increased scrutiny from consumers on businesses' management of personal data. A separate poll of 10,000 consumers, conducted by the Harris Poll on behalf of IBM, found that only 20 percent of U.S. consumers completely trust organizations they interact with to maintain the privacy of their data.

In the weeks leading up to the May 25th enforcement date, IBM's Institute for Business Value (IBV) surveyed over 1,500 business leaders responsible for GDPR compliance for organizations around the world. The results reveal how companies are approaching GDPR as an opportunity to build further trust with customers and help drive innovation:

  • 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

"GDPR will be one of the biggest disruptive forces impacting business models across industries – and its reach extends far beyond the EU borders," said Cindy Compert, CTO, Data Security & Privacy, IBM Security. "The onset of GDPR also comes during a time of huge distrust among consumers toward businesses ability to protect their personal data. These factors together have created a perfect storm for companies to rethink their approach to data responsibility and begin to restore the trust needed in today's data-driven economy."

Cutbacks: GDPR leading to reduction of data collection and storage

Another key finding of the study is that organizations are using GDPR as an opportunity to streamline their approach to data and reduce the overall amount of data they are managing. For many organizations, this means vastly cutting down on the amount of data they collect, store and share. According to the new study, organizations reported taking the following actions in response to GDPR:

  • 80 percent say they are cutting down on the amount of personal data they keep
  • 78 percent are reducing the number of people who have access to personal data
  • 70 percent are disposing of data that is no longer needed

GDPR challenges, blind spots, and transformational business opportunities

The study found that the top challenges organizations are currently facing when it comes to GDPR compliance are finding personal data within their organizations (data discovery), ensuring the accuracy of the data they collect and store, as well as complying with rules for how data is analyzed and shared (data processing principals).

Other areas for concern included the handling of cross-border data transfers and getting consent from data subjects, as less than half of respondents said they were prepared for these aspects of GDPR.

One key element of GDPR includes the requirement for companies to report data breaches to regulators within 72 hours. However, the IBV study found that only 31 percent of companies have reexamined or modified their incident response plans to prepare for this requirement, representing a blindspot in companies' overall approach to GDPR.

While challenges remain, a significant sub-set of companies surveyed (22 percent) are using GDPR as a fully transformational business opportunity for how they approach data responsibility and management. Of this "leaders" subset:

  • 93 percent have modified their incident response processes
  • 79 percent said they were prepared for performing data discovery and ensuring data accuracy
  • 74 percent said they were fully implementing security and privacy by design for new products and services
Source: IBM

related articles:

popular articles:

Thumbnail-Photo: World’s first convenience store retrofitted with AI technology...
14.08.2020   #video surveillance #video cameras

World’s first convenience store retrofitted with AI technology

Standard Cognition to provide Circle K with autonomous checkout

Standard (“Standard Cognition”) announced that Alimentation Couche-Tard, a company that operates close to 14,500 convenience stores worldwide, including under the global brand Circle K, has selected Standard to pilot touchless, ...

Thumbnail-Photo: Disposition and shelf maintenance in times of Corona...
19.08.2020   #POS marketing #shop equipment

Disposition and shelf maintenance in times of Corona

Tools for shelf management

The CPG industry is currently experiencing turbulent times just as much as retail. Challenges such as the ban on field sales force visits or the sudden increase in demand for some articles, which leads to gaps in the shelf and loss of sales, are ...

Thumbnail-Photo: New chain of toy stores in strong collaboration...
29.09.2020   #brick and mortar retail #digitization

New chain of toy stores in strong collaboration

Kids Coolshop is booming with new toys stores in a pressured market where competition is fierce

The chain has started installing electronic shelf labels in its physical stores. The electronic price tags are linked to a strong e-commerce engine and must help ensure competitive prices across all channels.Kids Coolshop was launched in 2017 ...

Thumbnail-Photo: Pricing with agility at Conrad Electronic
03.11.2020   #electronic shelf labels (ESL) #price labels

Pricing with agility at Conrad Electronic

Managing flexible prices with digital shelf label technology

As one of the leading European distributors of electronics and technology, it is important for Conrad Electronic to show the right price at the right time. The retailer has therefore implemented Delfi Technologies’ automatic pricing solution ...

Thumbnail-Photo: Retail Asia Conference & Expo 2020 rescheduled to 11-13 November...
18.09.2020   #online trading #retail

Retail Asia Conference & Expo 2020 rescheduled to 11-13 November

New spacious exhibition location

Informa Markets, the organiser of Retail Asia Conference & Expo 2020, announced that the event will be further rescheduled from 17-19 November 2020, to 11-13 November 2020 at the Hong Kong Convention and Exhibition Centre (HKCEC), Hong Kong.The ...

Thumbnail-Photo: Smart solutions for the retail of tomorrow
28.09.2020   #video surveillance #video cameras

Smart solutions for the retail of tomorrow

Increase sales in retail?

Use intelligent technologies to set the right buying impulses at the stationary PoS by continuously adapting advertising messages to the situation in real time.Learn more about it in the video! ...

Thumbnail-Photo: SALTO renews its commitment to quality management and environmental...
05.10.2020   #security #security technology

SALTO renews its commitment to quality management and environmental responsibility

At SALTO, just as we innovate to deliver market-leading access control solutions, we are determined to lead the way in quality management implementation and environmental efficiency savings

Achieving operational and environmental excellence takes many forms including social, environmental, and economic responsibility – particularly with regard to global sustainability and the environment we operate within. This responsibility ...

Thumbnail-Photo: SPAR grocery store embraces new technologies...
23.09.2020   #digitization #app

SPAR grocery store embraces new technologies

The store has implemented Delfi Technologies' cloud solution and mobile app to manage the store's electronic price tags

This year, the co-operative association Tikøb could celebrate its 100th anniversary. Today, the SPAR grocery store in Tikøb is one of the stores in the chain that is at the forefront when it comes to implementing new technology. Most ...

Thumbnail-Photo: Evaluation tool for recyclable packaging
10.08.2020   #sustainability #software applications

Evaluation tool for recyclable packaging

Fraunhofer UMSICHT tests Henkel's extended version for materials like paper and cardboard

Packaging protects products during transport and storage. In order to develop sustainable packaging and conserve resources, Henkel developed an evaluation tool that quickly and reliably checks plastic packaging for recyclability. The tool has now ...

Thumbnail-Photo: Checkout-free service at Giant Eagle’s GetGo Café+Market store...
07.09.2020   #self-checkout systems #app

Checkout-free service at Giant Eagle’s GetGo Café+Market store

Retrofitting an existing store

Grabango announced the launch of commercial service with one of its retail partners, Giant Eagle, Inc, owner of GetGo Café+Market. Grabango’s checkout-free system is now available to save shoppers time by letting them skip the line. The ...

Supplier

Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal
POS TUNING Udo Voßhenrich GmbH & Co KG
POS TUNING Udo Voßhenrich GmbH & Co KG
Am Zubringer 8
32107 Bad Salzuflen
Axis Communications GmbH
Axis Communications GmbH
Adalperostraße 86
85737 Ismaning
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen
Adasys GmbH – a Poindus Company
Adasys GmbH – a Poindus Company
Max-Planck-Straße 10
70806 Kornwestheim