Two years after gaining approval from the European Parliament, the General Data Protection Regulation (GDPR) is due to come into force on 25 May 2018. The new regulation will strengthen data privacy protections for data subjects in the EU, while tightening data management requirements for organisations processing or controlling the personal data of those subjects. The maximum penalties for non-compliance with the GDPR are steep, at up to €20 million or 4% of annual global turnover, whichever is greater.
Yet, research conducted by the Cybersecurity and Information Resilience division of the British Standards Institution (BSI), published in April 2018, found that only 5% of respondent organisations feel they are fully prepared for the GDPR. The research, which surveyed more than 1,800 European respondents across a range of industry sectors, including healthcare, also found that one-third (33%) of respondents are just over half way to compliance. This is despite the fact that 97% of respondents admit that the new regulation will affect their business.
As the GDPR implementation date draws near and the momentum behind data privacy continues to build, the importance placed on effective data protection and management will only continue to grow. Due to the sensitive nature of the data handled in the life sciences sector, and the often-international scope of activities and transactions within the industry, this issue is particularly critical.
Biotech and Money, in partnership with law firm JAG Shaw Baker, has produced a white paper to provide life sciences companies with an overview of the GDPR and the steps businesses can take to prepare.
Sources for infographic:
1. Research conducted by the Cybersecurity and Information Resilience division of the British Standards Institution (BSI), published in April 2018, based on a survey of more than 1,800 European respondents across a range of industry sectors. Access it here.
2. Omnibus research conducted by YouGov, published in March 2018, based on a survey of 2,110 adults in Great Britain. Access it here.
3. Research conducted by SAS, published in April 2018, based on a global survey of 183 business people in a variety of industries who have a role in preparing their organisations for the GDPR. Access it here.
4. EY’s 15th Global Fraud Survey, published in April 2018, based on research interviews with 2,550 executives from 55 countries and territories. Access it here.
Feature image © Maksim Kabakou – stock.adobe.com