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Research Reveals Why GDPR Compliance Is Worth The Effort

benefits blog compliance GDPR
As the first anniversary of the GDPR going into effect approaches on 25th May, recent reports from Cisco revealed the wide range of benefits that compliant organisations have experienced over the past 12 months. 

While ensuring GDPR compliance may have felt like a tedious or unrewarding process within your workplace, the following statistics emphasise how these efforts have truly paid off:

  • Shorter sales delays — GDPR-ready organisations experienced significantly shorter sales delays due to customer privacy concerns. While non-compliant businesses suffered from average delays of 5.4 weeks, those that were prepared for the GDPR dealt with average delays of just 3.4 weeks—totalling a 14-day difference.
  • Fewer data breaches — Although a large majority of organisations reported that they had experienced a data breach within the past year, a closer look at compliance numbers revealed that GDPR-ready establishments still reaped some benefits. Indeed, compliant organisations were 15 per cent less likely to have experienced a data breach when compared to unprepared businesses.
  • Better data security — One of the most difficult aspects of a data breach is dealing with the consequences of stolen, missing or deleted data records. But with the help of GDPR compliance, prepared organisations suffered from far less impacted data records during a breach—an average of 79,000 impacted records compared to 212,000 for non-compliant establishments.
  • Decreased downtime — It’s no secret that time is of the essence during a cyber-attack. And fortunately for compliant organisations, GDPR-preparedness saved them an average of 3 hours in system downtime following a breach. While these businesses took an average of 6.4 hours to recover, unprepared organisations required 9.4 hours to get their systems up and running again—longer than the span of an average working day.
  • Lower costs — More than anything, the financial burden of a data breach can be significant. But in the case of GDPR-ready organisations, only 37 per cent had losses of over £500,000 after a cyber-attack, whereas 64 per cent of the least prepared establishments suffered such losses.

For ultimate peace of mind against a data breach, contact ICB Group today to discuss cyber-related insurance solutions.

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The content of this Profile is of general interest and is not intended to apply to specific circumstances. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. Further, the law may have changed since first publication and the reader is cautioned accordingly. © 2019 Zywave, Inc. All rights reserved.