Majority of businesses 'unprepared for new data security laws'

A new survey has revealed that 73 per cent of British businesses are unaware of their lawful obligations with regards to processing data ahead of the introduction of GDPR regulations on 25th May.

According to research conducted by cyber security company ThinkMarble, almost three quarters of businesses do not understand the new rules of GDPR, the two year grace period for which ends on 25th May.

The survey also revealed that 25 per cent of respondents do not know where they currently hold the personal data they're responsible for protecting, while 79 per cent of businesses have not reviewed their data protection policy.

Additionally, 71 per cent of respondents had not reviewed their privacy policy ahead of GDPR, while 27 per cent admitted they have no data protection policy in place at all.

Commenting on the figures, Andy Miles, Founder & CEO at ThinkMarble, stated that too many of the country's businesses are failing to prepare themselves for the changes, despite warnings from various government departments, and looking at GDPR as a burden rather than an opportunity for investment.

"Too many see the new regulations as a compliance tick box activity and a burden, when really it should be viewed as an investment into your business, your employees and your customers," he said.

"I expect that we will see future customers seeking reassurance on how their data is processed and managed and for those organisations that have taken the right steps to reinforcing their cyber security and information practices, they will be the ones that reap the benefits in their future growth."