According to a new report from Capgemini, only 15% of European and US companies are prepared for the GDPR, with the deadline having passed today.
Further, Capgemini reveals that the situation is not set to improve any time soon, with just one quarter of firms expected to be compliant by the end of the year.
“The consequences of non-compliance aren’t just the well-known fines, but also the risk of missing out on a business opportunity.
“Some 39% of consumers spend more money with businesses they trust with their data, and those that do reward these businesses are typically willing to spend up to 24% more – hardly an insignificant sum.”
Despite these obvious benefits, just 11% of firms surveyed are focusing their GDPR efforts on improving customer experience – one of the key benefits that GDPR compliance can offer to companies.
For more, see the full Seizing the GDPR Advantage report from Capgemini.