Third of company directors concerned about GDPR compliance cost
A third of company directors in Ireland are concerned about the compliance costs associated with the introduction of the EU General Data Protection Regulation (GDPR), a new survey has found.
The Institute of Directors in Ireland (IoD) surveyed 254 members on their GDPR preparedness, including chief executives, managing directors, heads of function, non-executive directors and chairpersons.
A third (34 per cent) of directors surveyed said they were concerned about the cost of ensuring full compliance with the GDPR, including staff training requirements.
Just over a quarter (28 per cent) of companies intend to spend €10,000 on the implementation of GDPR requirements, while 41 per cent plan to spend up to €50,000 to get ready for the new laws.
Maura Quinn, chief executive of the IoD in Ireland, said: “Given the significant compliance requirements, as well as potential fines and sanctions, the level of preparedness and understanding of the GDPR among some directors at this late stage is concerning.
“While many organisations are well advanced in their preparations and have a very good understanding of GDPR requirements, a sizable proportion are coming late to the game and will require significant effort to achieve compliance by 25th May.”