The General Data Protection Regulation (GDPR) compliance deadline of May 25 is fast approaching, but numerous surveys indicate that the vast majority of companies will not be ready.
GDPR is a far-reaching set of rules that will protect the data of EU consumers and impose stiff fines on companies that do not comply. This includes businesses based outside of Europe that collect personal data from EU consumers, such as Facebook and Google.
According to a recent IBM survey of over 1,500 business leaders, only 36% believe their organizations will be fully compliant by the deadline. In addition, four-fifths of firms are cutting down on the amount of personal data they store, 78% are limiting the number of people with access to that data, and 70% are disposing of data that is no longer needed.
Similarly, in a survey of 745 executives from 19 countries by the consultancy firm EY, 39% admitted they were not familiar with the GDPR rules. Moreover, only 33% of respondents have a GDPR plan in place.
“The pace of regulatory change continues to accelerate,” noted Andrew Gordon, EY’s global fraud investigation and dispute services leader, “and the introduction of data protection and data privacy laws, such as GDPR, are major compliance challenges for global organizations.”
GDPR gives EU citizens more control over their personal data by providing them with a number of new rights. These include the right to access information about whether or not their personal data is being processed, and to request that information be corrected.
In particular, studies found that companies are having trouble complying with GDPR’s “right to be forgotten,” which provides EU citizens with the right to have their personal data erased.
Businesses that store personal data on Excel spreadsheets must comply with GDPR by making sure that all data is secure, easily traceable and with the ability to limit the amount of data that others can access. DataRails can help your company comply with GDPR, as well as provide instant insights on your data without changing the way you work in Excel.
Click here to learn more about getting your Excel spreadsheets ready for GDPR.