Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

OVER A THIRD OF MARKETERS STILL DON’T UNDERSTAND GDPR AS IMPLEMENTATION DEADLINE LOOMS

OVER A THIRD OF MARKETERS STILL DON’T UNDERSTAND GDPR AS IMPLEMENTATION DEADLINE LOOMS

New research from marketing automation provider Act-On finds a significant number of firms across Europe and the US lack essential knowledge about the new regulation

With less than three months to go until the implementation of General Data Protection Regulation (GDPR), new research has revealed that over a third of marketers across Europe and the US still don’t understand the changes or the impact it will have on their businesses.

The study, which was conducted by marketing automation provider Act-On and polled the opinions of 200 marketing professionals, also found that the knowledge gap is even greater outside marketing departments, with just 45 per cent feeling that the rest of their business understands the new rules and their implications.

A significant 31 per cent of firms meanwhile, still haven’t taken any action to adjust their operations or engagement strategies in anticipation of the switch, despite the imminent deadline.

Commenting on the findings, David Fowler, Head of Privacy and Digital Compliance at Act-On said: “These results are hugely significant, as for those firms that don’t comply with the new regulations the consequences are likely to be severe. We already know that from the 25th May, any business holding data on EU citizens that violates GDPR will be subject to fines of up to 4 percent of their annual worldwide revenue or €20 million, and that goes for companies in the US as well. There’s no question that it would be a massive blow to any firm’s bottom line.”

But when it comes to the financial impact, less than a quarter of respondents are concerned about fines and non-compliance. 29 per cent say they are more worried about the cost implications of their preparation and ongoing compliance.

Despite this however, the survey found that only half of marketers plan to allocate any budget for GDPR in 2018. Of those allocating budget, the majority (53 per cent) have set aside between £1,000 and £7,500.

Fowler added:“There doesn’t seem to be an industry-wide consensus on GDPR, but it’s clear that a vast number of marketers and businesses remain unprepared or unaware. It’s surprising to still see such a disparity, despite the prolonged build up and wealth of support available, but the potential costs and consequences for non-compliance really can’t be understated. And that applies to businesses of all sizes, from global corporations to enterprise startups.

“There’s still time however, for remaining companies to make necessary changes to stay compliant. They need to be transparent about consumers’ data and have the right systems in place, as well as solid strategies, to stay ahead of the game. No matter how hard businesses try to bury their heads in the sand, compliance to GDPR is inevitable. Being agile and adaptive are essential components for companies, if they aren’t willing to lose millions.”

For more information please visit https://www.act-on.com

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post