Companies lost about the new E.U. Law about personal data

Companies lost about the new E.U. Law about personal data

According to a survey by Symantec, a majority of companies do not understand anything about the new European Act on personal data.

Thus, according to a study of Symantec, an IT security company, yet 96% of the firms of the three major European economies do not clearly understand the European regulation on personal data protection, which was adopted in April 2016. This new act aims to strengthen companies operating in Europe obligation to protect their users’ and customers’ personal data.

This Personal Data Act shall come into force in May 2018 in Europe, replacing the previous data protection Act which was passed in 1995, when Internet development was just starting. The review is based on two pieces of legislation: one regulation on the treatment of personal data in E.U. and a directive on data processed by police and judicial authorities, those two representing together the new package on data protection.

The idea is to have a single set of rules for citizens to have a better control over their own personal data in a digital world made of smartphones, social networks, internet banking and global transfers. Moreover, this allows higher trust and provides a high level of protection for all citizens of the E.U. Finally, it also applies to companies outside Europe targeting EU consumers.
The study by Symantec, which is included in the European report on the confidentiality of data, was conducted among IT decision makers and business leaders in Germany, UK and France. In France, about 900 decision makers surveyed, 92% are worried about not being in compliance at the time of the entry into force of the RGPD. But only 25% believe that this is one of their main priorities.
French leaders are more optimistic than their German or British counterparts, as 32% said their companies already ready, against only 26% in the other two countries.

“There is an obvious and significant disconnection between the importance of privacy and data security for consumers and business priority. It will certainly still take a few months to prepare, but taking action should be fast, “according Lecroq Laurent, Symantec France CEO.

Over 20% of the French leaders believe that their company will not be ready, or only partly, to integrate this personal data Act in 2018 and over half of these (53%) that they will only be partly ready.

For businesses, this means indeed a complete change in data management, including commercial ones. They must imagine and implement a delegate position in data protection and review all internal management procedures and data protection.

Therefore they need to heavily invest as the new European Regulation on data protection also includes substantial penalties. Until now, the sanctions could not exceed 150 000 € for non-compliance, they can now go from 3 to 20 million Euros, or up to 4% of the global turnover.

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