The latest research published by McAfee reveals that 48% of organizations are likely to move their data to new locations due to General Data Protection Regulations (GDPR).
The majority of the survey participants feel that implementation of the new law will make Europe the global leader in data protection. However, the study indicates that 50% of the organizations consider the US as the most popular data storage destination. The modern-day Information Technology landscape has enabled the storage of information across several platforms and locations. This explains why a majority of businesses do not know where their data is stored at all times. According to the study findings, 53% of business decision makers worldwide are not aware of their physical data location.
Places with Strict Local Laws Preferred
With less than a year remaining to the GDPR compliance deadline, just 2% of the senior management understands clauses that apply to their institutions. This is a worrying trend given that these decision-makers are expected to lead their companies in preparation for compliance with the new regulation. The research reveals that the preferred destinations would be those places that have strict local laws. The new law will encourage organizations to migrate their data into the EU. In this case, the United Kingdom is the third most preferred by institutions for data storage.
Brexit plays a significant role in this new development. According to the study findings, 63% believe that it will have a significant impact on the technology acquisition investments for the businesses. However, almost half of the respondents would rather risk the penalties than report data breaches.
The approach taken by many organizations to escape the GDPR, as suggested by the report, is wrong. Institutions should be focused on becoming compliant with the forthcoming regulatory changes. The research found out that businesses take an average of eleven days to report a data breach. The new law proposes a maximum of 72 hours to make a breach notification. Reducing eleven days to a maximum of 72 hours required by law might pose significant challenges. As a result, the tough regulation is becoming scary to many firms.
Good news about GDPR
Businesses have begun to realize the importance of strict rules. This is why most of them are willing to move their data to regions with stringent data protection laws. These regulations work to the advantage of both consumers and the organizations. The new law has also led to a significant increase in hiring. The study shows that 66% of the United Kingdom CIOs had started employing additional staff in preparation for compliance with the data protection regulation. Moving forward, creating awareness about the value of data as an asset will result in better usage and protection.