Are You Ready for the GDPR?
“No. We’re not.”
That is the answer offered by the majority of participants who attended DCG’s webinar on the European Union’s recently adopted General Data Protection Regulation (GDPR).
The question of readiness was more than just a catchy title for promotion. We really do want to understand where organizations are today with their knowledge of the GDPR and, more importantly, their initial assessment of their readiness to comply.
82% of attendees identified themselves as GDPR neophytes in a poll that we took at the start of the webinar.
During the webinar, Tim Walters provided an overview of this regulation that legislates the capture, use, monitoring, and destruction of personal data about any resident living in a country that’s part of the European Union (EU). He dispelled a common myth that the GDPR doesn’t impact organizations outside EU. In fact, as soon as a company reaches into the EU to interact with a single resident, the GDPR reaches out to dictate how it must handle any personal data belonging to that resident. In short, if you’re a US company that a) offers goods and services to EU residents, or b) in any way monitors their behavior, you must comply with the GDPR, or face very stiff penalties that are designed to really hurt. Like 20 million Euros of hurt, or more, regardless of company size. Tim also covered basic terminology and key provisions.
At the end of the webinar, we polled the audience again, asking what they believed the likely impact on marketing practices will be, given the information we shared. All attendees expected some impact on their business – no one said marketing would be “business as usual” in the face of the GDPR.
Although from a very small sample, the results indicate that GDPR education is essential and that impact will range from manageable to substantial to very disruptive – with 27% of this audience unsure, reinforcing the need for education. The readiness gap is indeed large at the present time. View the full webinar replay to see the polls in context.
If you’re unsure about how to start to get ready for the GDPR, you can request a no-fee consultation with a Digital Clarity Group analyst. Sign up for a 3-in-30 consultation and indicate that you’d like guidance on the GDPR. We’re happy to help you and your customer data stakeholders understand impact and responses to compliance.