New research by Intrum suggests that GDPR is unknown to more than one out of four European businesses. The report shows that 27 percent of all businesses in Europe state that they have not heard of GDPR.
The report also indicates that every eight (12 %) large corporation, defined as companies with more than 250 employees, said that they have never heard of GDPR. The businesses with the least knowledge of GDPR are based in Greece, 69 percent), Bosnia and Hercegovina (67 percent), Slovenia (62 percent), Norway (51 percent) and Lithuania (49 percent). In Denmark, only 2 percent of the businesses state that they did not know about GDPR, followed by Czech Republic (6 percent), Sweden (9 percent), Portugal (11 percent) and Austria (12 percent).
The average cost for implementing the mandatory GDPR among SME:s is estimated at 8 000 Euro and for large corporations 65 000 Euro, according to businesses surveyed in the EPR 2018. That gives an assumed total cost of 198 billion Euros for the 26 million businesses in the European Union.
When asked about the impact of GDPR on payment routine, 27 percent of the responding businesses said that they had “never heard of GDPR”.
Lina Rollby Claesson, Group Compliance Officer at Intrum said “At Intrum we have more than 50 000 contacts with private consumers or businesses on a daily basis and to manage personal data and be compliant with existing regulations is a prerequisite for us to run our business. We already have a strong track record of protecting the data that we handle, having worked on these issues for many years and complying with local data privacy rules. The GDPR paves the way for common rules across the EU and the consequences of not complying will be far-reaching. Therefore it is somewhat surprising that a large share of European businesses still are unaware of the regulation at this point.”
The average cost for GDPR implementation is based on the cost given by the businesses being able to estimate a sum. The full EPR 2018 will be presented in 29 European countries on May 28.