Deloitte comments on GDPR one year on has been saved
Deloitte comments on GDPR one year on
24 May 2019
Commenting on 12 months of GDPR, Peter Gooch, cyber risk partner at Deloitte, said:
“A year since the introduction of the General Data Protection Regulation (GDPR), we are yet to see the first significant fine as a result of a breach. Whilst settlement of pre-GDPR data protection cases will have overlapped this period of relative calm, companies should anticipate, and continue to mitigate against, the regulatory action still to come.
“In the run up to GDPR, just 15% of organisations sought full compliance by the effective date. Maintaining momentum and continually adapting GDPR resourcing, new business practices, and supporting technology will be key in the long-term.
“Deloitte analysis, conducted six months after GDPR became effective, found that just a third of organisations were responding to customer data requests on time. However, the profile of GDPR, in part driven by re-consenting exercises by many organisations, means consumers now have a much greater awareness of their data protection rights. One outcome of this is the first possible class action suit under the regulation. At the same time, a heightened awareness means organisations also have the opportunity to continue building trust through a customer-centric approach to incoming data requests.
“A year on, regulator intentions on GDPR remain fervent and the level of fines imposed could reach up to 4% of global turnover. Whilst we’re yet to see it, the first will certainly set a precedent.”
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