Directors worried about data law cost
One in three directors are concerned with the compliance costs associated with the introduction of GDPR in May.
In addition, a survey of 254 members of the Institute of Directors Ireland (IoD) found that over a quarter of companies intend to spend up to €10,000 on the implementation of GDPR requirements, while 41pc are planning to spend up to €50,000 on implementation requirements.
GDPR will be directly applicable in all EU member states from May 25. The EU-wide regime updates and overhauls European data protection law, and all companies that process the data of EU residents are obliged to comply with the new requirements.
Businesses or organisations could face fines of up to €20m or 4pc of annual global turnover for non-compliance.
One-third of directors surveyed by the IoD said that their organisation only began preparing for the GDPR in the last three months, with 12pc of companies beginning preparations within the last month. In addition, the survey found that almost half of firms have retained external advisers to assist with preparations.
"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," Maura Quinn, CEO of the IoD said.
Despite the regulation now being just three months away, one in four directors surveyed said that their level of understanding of the regulation was either "fair" or "poor", with 27pc of directors describing their organisation as either slightly or not at all prepared for it.
"While many organisations are well advanced in their preparations, a sizable proportion are coming late to the game and will require significant effort to achieve compliance by May 25," Ms Quinn said.