Europe’s General Data Protection Regulation will be in effect from May 25. Organizations across the world scramble to be ready fearing stricter regulatory action owing to non-compliance. This report looks beyond the compliance side of the GDPR and uncovers the latent opportunity that can help organizations gain individuals’ trust and competitive advantage.
Capgemini’s Global Lead for GDPR, Willem de Paepe spoke to CNBC about how organizations must view the GDPR regulations as an opportunity to streamline business and generate new streams of revenue.
We surveyed 6,000 individuals and 1,000 industry executives across eight countries to gather their views on the subject.
Here are the key findings:
- The GDPR is an opportunity waiting to be tapped – individuals are more willing to engage with, and be more loyal to, organizations that protect data, and going above and beyond the GDPR brings even greater reward.
- However, most organizations are not ready to seize this opportunity – significant work remains to be done to increase not only compliance levels but also compliance maturity and to bridge the gap between the preparedness of organizations and the expectation of individuals.
- An immature approach will have significant consequences because consumers are prepared to take action if they are unhappy with organizations’ GDPR compliance performance.
- To convert the GDPR from mandate to opportunity, organizations must take a series of steps, ranging from educating customers and citizens and winning their trust, to building a culture of respect for personal data within the organization.
For more information on our GDPR offering, see here.