Payments Awards

Atlantic GDPR divide

Written by Mark Evans
06/04/2018

A survey from EfficientIP, a provider of network security technology, on 1,000 businesses worldwide found that most US organisations are ready to comply ahead of next month’s GDPR deadline and view compliance as key to retaining customers and increasing trust in a company.

This is good news for the majority of US companies, although the vague assures by Facebook CEO Mark Zuckerberg that it will comply with new regulation for its European users, but at the same time withholding details of how US and other worldwide users of Facebook will be protected means not all US companies are following the spirt of the law. It is going to be an awkward conversation when Zuckerberg testifies in front of the US Government on Wednesday 11 April.

GDPR readiness is also less impressive in the UK, with the results showing that whilst US businesses have already spent an average of $1,417,000 on GDPR preparations, the UK average is $1,165,000. This means that four out of five US businesses (84 per cent) are confident in complying with GDPR before deadline, but only 74 per cent of UK businesses are confident.

However, the reasons for adoption are also different, with 77 per cent of US organisations complying with GDPR because it will increase customer loyalty but a higher number (86 per cent) of UK businesses citing increased loyalty.