2 Out of 3 Indian Companies Struggling With GDPR Compliance

Nearly 63 percent of the Indian organizations are struggling in their compliance journey towards the European Union General Information Protection Regulation (GDPR) that came into effect on May 25, a new report said on Thursday.

While 60 per cent cited inadequacy of skilled talent as a major obstruction in their GDPR compliance journey, 50 percent of those who neither have customers nor suppliers in Eu, program to increase their privacy spends in the coming twelvemonth, said the study by the global consultancy firm EY.

"It is critical for businesses to review their current information protection compliance programs and determine next steps to conceptualize the level of investments they demand to make over the next few years to accelerate their journey", said Guru Malladi, Advisory Markets Leader, EY.

The written report revealed that 22 per cent of the organizations increased their privacy budgets betwixt 5 per cent and fifteen per cent in the past 12 months, whereas 25 per cent more are planning to increase their upkeep in the same five per cent-15 per cent range over the next 12 months.

"There is a pressing need inside organizations to accept dedicated and skilled resources for data privacy and compliance, the lack of which has been cited as the biggest challenge by over 60 per cent of the respondents in ensuring GDPR compliance", said the study.

Nearly 76 per cent of the organizations recognize the need to comply with their ain information governance policies as the leading factor in their GDPR compliance journey.

"While working towards compliance, organizations must also view information technology as an opportunity to gain competitive advantage and also recognize its impact on customers", said Malladi.