The forthcoming EU Data Protection Regulation (General Data Protection Regulation – GDPR) will require additional investments by the majority of European companies. The GDPR is intended to standardise data protection in EU countries and provides for high fines of up to 2% of annual turnover in the event of violations.
According to a survey conducted by US software manufacturer Ipswitch, around 68% of the 300 IT professionals surveyed anticipate the required adjustments to the GDPR to be a financial burden on their companies. 69% state they also expected to be forced to invest in new products and services. Specifically, 62% of companies are planning investments in data encryption technologies, 61% want to spend money on analysis and monitoring tools, 53% on perimeter protection and 42% on file-sharing technologies. 51% of IT managers also report that they have already set aside a budget for staff training.
In June 2015, EU justice ministers agreed on a joint draft for the Data Protection Regulation. The final version is being developed in coordination between the European Council, the European Parliament and the European Commission, and is scheduled for completion by the end of the year. The regulation could come into force by 2018. (Source: Ipswitch/rf)