Figures show that two-fifths of UK companies are still in the dark about the new data security regulations being put into place by the EU, even though they could face a heavy fine if they are found to be in breach of them.
The new General Data Protection Regulation was announced two years ago, and it has been revealed that 20% of IT decision makers do not even know about it. The regulation was formally adopted by the European Parliament this week and it will come into effect in 2018. All organisations that have data stored or processed in Europe will have to abide by the new regulations.
A further 29% did not believe that the new regulation would affect them or just did not know if it would. A company could be fined up to 4% of their annual turnover if they were found to be in breach.
The figures show that nearly a fifth of all companies are not aware that there may be a fine. A further 32% are aware that there is a system of fines being put into place, but they are not sure how much it could be. More than a quarter of UK companies do not know when the regulation comes into force.
Only just over half of all companies know about the new regulation and only 22% knew that they would need to have a data security officer. In order to become compliant, companies have invested more in IT security and training in data protection.