A new global study released by software firm Pegasystems Inc. reveals that 82 percent of European consumers plan to exercise their new rights to view, limit, or erase the information businesses collect about them. With comprehensive EU regulations on company data practices taking effect in May 2018, businesses must be prepared to comply with these requests or risk millions in penalties.
The EU’s General Data Protection Regulation (GDPR) will hand European customers ultimate power over all the data companies store and process on them, including: name, address, and phone number to purchasing history, web browsing activity, and real-time location. But saddled with sprawling legacy systems, many companies cannot adequately track how and where they store all this information across their organizations. Now global businesses are scrambling to overhaul their IT infrastructure to prepare for an onslaught of GDPR inquiries. In fact, Gartner predicts that, “by the end of 2018, more than 50 percent of companies affected by the GDPR will not be in full compliance with its requirements.”
