The EU’s new data protection framework, known as the GDPR (General Data Protection Regulation), is in its final stages of negotiation and is due to be finalized by the end of this year and come into force at the start of 2018 after a two-year “sunset” period to allow businesses to prepare for its implementation. This report looks at the state of readiness and awareness of the GDPR, its obligations and its likely impact on businesses in the EU and the US – and reveals a picture of varying knowledge and readiness for the new legislation.

Report findings:

• Half of the respondents were not aware of the GDPR – a concerning finding given that the GDPR implementation deadline is potentially just two years away
• Of those aware of the GDPR, two thirds (65%) are starting to prepare even before the law is finalized
• 83% had already allocated budget with 21% allocating $0.5 million or more to address the changes
• 82% think it will be a higher enforcement priority than the EU Cookie Directive
• The top concerns were the new penalties (42%) and tighter consent requirements (37%)

"Despite over four years of high profile negotiations, half of companies are still unaware and there is a worrying chasm between those who are actively preparing and those blind to the changes ahead.”

- Chris Babel, CEO, TrustArc