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: Making Deeper Connections at ISE 2020
21.11.2019   #digital signage #video

Making Deeper Connections at ISE 2020

Visitor registration opens; exciting new features; most conferences ever; opening address confirmed

Visitor registration opens today for ISE 2020, which is set to be the most compelling Integrated Systems Europe show ever. Taking place at the RAI Amsterdam on 11-14 February 2020, ISE is the world’s leading event for the professional systems ...

Thumbnail-Photo: “Money left on the table”
19.11.2019   #customer satisfaction #customer analysis

“Money left on the table”

Mark Thomson from Zebra explains why stock management is essential for retailers

Zebra Technologies Corporation did a study on attitudes of shoppers and their buying behavior. It shows that more than half of Generation X shoppers shopped in a store and left without a purchase only to end up purchasing the item ...

Thumbnail-Photo: New year brings new regulations
13.09.2019   #data management #receipt printer

New year brings new regulations

What are the big changes for German point of sales systems come 2020?

Big changes are coming to Germany’s point of sale systems starting January 1, 2020. Two terms that are tossed around in this connection are "Belegausgabepflicht" (Receipt Provision Ordinance) and ...

Thumbnail-Photo: Nets and Swish partner on in-store payments pilot...
23.07.2019   #mobile payment #mobile terminals

Nets and Swish partner on in-store payments pilot

Bluetooth tech enables scalable instore payments for mobile payment app

Nets, a European payments company, and Swish, the number one payments app in Sweden, announce their collaboration on an in-store payments pilot program.Until now, Swish has mostly been used for account-to-account transactions and, more recently, ...

Thumbnail-Photo: Silver Surfers: Older adults ride the wave of mobile technology and shop...
01.08.2019   #online trading #e-commerce

Silver Surfers: Older adults ride the wave of mobile technology and shop online

The increasing importance of e-commerce for senior citizens

You are wrong if you think it’s mostly young people who spend time online. Older adults are also increasingly embracing online shopping with enthusiasm.In this interview, Spencer Hinzen, Director of Sales, Central Region, Ruckus Networks, ...

Thumbnail-Photo: Retail service robots – helper or footfall generator?...
22.07.2019   #pos marketing #services

Retail service robots – helper or footfall generator?

Using drag and drop to train the new coworker

Many of us know their faces, even if we have never met them in person. One of these faces belongs to Pepper, the humanoid robot. It has fast become a media star. ...

Thumbnail-Photo: Nominate your company for the E-commerce Germany Awards 2020!...
21.11.2019   #online trading #e-commerce

Nominate your company for the E-commerce Germany Awards 2020!

Award ceremony as part of E-Commerce Berlin Expo

The E-commerce Germany Awards are officially accepting submissions as of the 4th  November, 2019. Companies within the e-commerce sector are able to apply to one of the ten categories. The annual awards are given out for the third time in ...

Thumbnail-Photo: drs//POS – The POS system for many check-out situations...
13.09.2019   #pos systems #cashpoints

drs//POS – The POS system for many check-out situations

With the POS system developed by Superdata you are put in the picture

The POS acts as an ear in the store. It affects how timely, and with what information, decision makers at the head office are in a position to assess developments in the store and are able to respond appropriately to the situation.With our POS ...

Thumbnail-Photo: Irma: flagship store in Copenhagen
30.10.2019   #electronic shelf labels (ESL) #price labelling

Irma: flagship store in Copenhagen

Denmark's oldest grocery chain opens a new store

At the same time Irma, a Danish grocery chain, could celebrate its 133rd birthday, the chain also opened a new flagship store at Østerport station in Copenhagen. Besides showing renewal and being able to ensure the customers updated prices ...

Thumbnail-Photo: App creates personalised shopping experience...
26.08.2019   #mobile payment #app

App creates personalised shopping experience

The Swiss trading company Valora is opening its first cashless convenience store

The goods are chosen, scanned and paid for using the avec smartphone app. Mobile computer vision specialists Scandit’s scan engine is a key component of the customer-facing app. The future of shopping - whether online or offline - is ...

Supplier

APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
iXtenso - Magazin für den Einzelhandel
iXtenso - Magazin für den Einzelhandel
Celsiusstraße 43
53125 Bonn
Superdata GmbH
Superdata GmbH
Ruhrstr. 90
22761 Hamburg
Permaplay Media Solutions GmbH
Permaplay Media Solutions GmbH
Aschmattstr. 8
76532 Baden-Baden
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen