Why GDPR compliance is worth the effort20th May 2019
Now that 12 months have passed since the introduction of GDPR, emerging research has started to show us just how useful GDPR compliance truly is to a business.
Reports from Cisco have revealed the wide range of benefits that compliant organisations have experienced over the past year. And here are some of the most noteworthy:
Shorter sales delays – With fewer privacy concerns, GDPR-ready organisations experienced significantly shorter sales delays. The average business suffered from delays of 5.4 weeks, whereas GDPR-compliant ones experienced just 3.4 weeks of delays.
Fewer data breaches – Although data breaches are higher than ever at the moment, a closer look at compliance numbers revealed that GDPR-ready establishments still reaped some benefits. Compliant companies were 15 percent less likely to have experienced a data breach, which is significantly worthwhile at this security conscious time.
Better data security – When it comes to recovering from a data breach, preparation is key. Historically, when an incident has occurred, non-compliant establishments saw, on average, 212,000 records impacted or negatively affected. This compared to just 79,000 records for organisations who were well prepared.
Decreased downtime – Security breaches cause most organisations an average of 9.4 hours of system downtime. That’s more than an average work day! But with GDPR preparation that time reduced by more than 3 hours.
Lower costs – The financial burden of a data breach can be the most damaging. The average cyber attack costs companies 64 percent of losses, whereas GDPR-ready ones suffered only 37 percent of losses.
The benefits are many, from reduced downtime to a reduction in financial burden, improved trust and lower risk of Regulator sanctions. It’s clear to see that being GDPR compliant is of huge interest to your company.
If you’re worried about your GDPR compliance, contact our specialists at Griffin House Consultancy who can ensure your organisation is compliant and reaping these benefits.