A stat caught my eye while sifting through my news feed recently, and I've been noodling on it ever since. Only 28% of firms that must comply with the General Data Protection Regulation (GDPR) are actually in compliance, according to Capgemini research published last fall. Yet, when GDPR went into effect in May 2018, there was an overall sense of confidence that most companies felt ready to comply at the time — 78% of companies, according to the same survey.
This data point showcases a pretty sizable disconnect between perception and reality.
Think about it: We're already more than 18 months into the regulation coming into full force, and so few companies are actually in compliance. And the regulatory landscape is only getting more complicated as similar regulations go in effect, such as the California Consumer Privacy Act (CCPA) and the lesser-known Personal Data Protection Act (PDPA) in Singapore.
The Evolving Regulatory LandscapeFacing this growing set of regulations, while crucial, is a massive undertaking and it's certainly not cheap.
For example, if companies are found out of compliance with GDPR, they are looking at penalties upward of 4% of annual global revenue. To put that percentage in perspective, of the 12 major fines handed down since the GDPR took effect in May 2018, that equates to ..
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