The European Union’s new General Data Protection Regulation (GDPR) law will become effective in May 2018. Marketers will see an impact once only a single contact in their database is resident in the European Union. 30% of marketers say they do not understand the new GDPR law. You need to pay sharp attention to the new law and your revised compliance obligations.
200 marketing professionals have been interviewed in a survey in the United Kingdom and the United States. Participants have been asked about their readiness and understanding of the new GDPR law.
The European Union new law makes significant changes to the data protection situation and affects companies that market even only one citizen of the EU.
Marketers brought up their point of understanding and highlighted the impact on the right to be informed, the right of access, and rights related to automated decision-making and profiling. Also, the raised the flag of some concerns …
- 30% of marketers say they do not understand the new GDPR law.
- 55% of marketers do not believe the rest of their business does understand GDPR.
- 49% of marketers raised worry about the extra time compliance with GDPR will take.
- 42% of marketers were most concerned about the impact of non-compliance (either fins or band reputation)
- 29% of marketers were most concerned about the cost implications
Companies of different organization sizes showed that awareness level various a lot. While small organizations between 1-50 employees see that 30% of employees have awareness, only 28% of employees understand the GDPR impacts if large organizations with 500+ employees.
But the run is on and some of the organizations (2/3) went into action adjusting operation and engagement strategies. But on the upside of the complete new law, 50% of marketers see it positive that their marketing will get better. But also 50% see their marketing will get more difficult.
Ther graphic mentions also that 50% of marketers allocated budget, whereout 24% are planning to spend over $ 10k on the new law adjustments and only 24% see less than $1 k required.
Are you ready for the new GDPR law? How did it impact your organization and what did you adjust in your processes? Check out the infographic for all findings from the conducted survey. Use our commenting below to start the dialogue with your peers.