One in three directors concerned about compliance costs of GDPR
One in three directors have said that they 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 (28pc) of companies intending 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.
Of those surveyed, one third of directors 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.
Read more: Most businesses 'not ready for GDPR'
In addition, the survey found that almost half (47pc) of firms have retained external advisors 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 the Institute of Directors in Ireland, said.
Despite the regulation now 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 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," Ms Quinn said.
The GDPR will be directly applicable in all EU Member States and updates and overhauls European data protection law with companies that process the data of EU residents 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 with the regulation.