Two in five business leaders admit to feeling unprepared for the rollout of GDPR late last month, and many are uncertain about the issues it raises, the latest Business Confidence Survey from CGA and Fourth reveals.
Ahead of the introduction of GDPR on May 25, the poll asked leaders if they felt their business was equipped for the new legislation. 61% claimed they were ‘ready to go’ or ‘well prepared’—leaving a large number who were not.
The Survey also found that a significant number of leaders were hazy on their business’ knowledge of GDPR’s potential impact. Asked to rate their level of understanding on a scale of 1 to 10—with 1 low and 10 high—two in five (40%) gave themselves a score of six or less.
GDPR places strict new requirements on businesses’ management of consumers’ data, and introduces fresh penalties for breaches of it. The run-up to the launch of the regulation saw a host of brands from all industries contact customers for permission to continue using their data. Advice on the impact of GDPR was shared at CGA’s Peach 2020 Conference in March.
The Business Confidence Survey from CGA and Fourth features a host of other insights into market trends and views. It identifies evidence that confidence is returning to the eating and drinking out sectors after recent challenges.
The CGA Fourth Business Confidence Survey is produced in partnership with Fourth and is based on responses from 160 leading figures from the industry, working at CEO, MD, chairman, board and senior management levels.