Survey shows “two-thirds of CFOs are oblivious” to the forthcoming GDPR

Blindfolded CFO oblivious to incoming GDPR requirements

69% of CFO’s in Ireland are completely unaware of key data protection regulation (GDPR) that is set to massively affect their organisations, despite the threat of fines amounting to €20,000,000 per organisation – or 4% of global turnover – according to a recent survey commissioned by BT Ireland.

 

The survey highlights the critical need for organisations to ensure adequate budgets are reserved for GDPR-compliance, a far-reaching new pan-EU regulation which greatly magnifies protection for the personal data of EU citizens.

 

The findings also noted that, despite the low level of awareness, overall responsibility for data protection and compliance has become an increasing part of the CFO role, with 30% of CFOs having the final sign-off on IT spend versus 26% of Chief Information Officers (CIOs).

 

Within the articles of GDPR, which was approved in April 2016 with a due date to take effect on May 25th 2018, the question of responsibility for data protection is addressed in terms of an amplified “Data Protection Officer” (DPO) role.

 

In its newly defined form, the DPO role will combine the need to understand and ensure technical IT processes are adequate for GDPR, with the more traditional ‘compliance officer’ remit, in a much more hybrid role which, the GDPR demands, must include a report to the “very highest level” of the organisation.

 

Placing data protection firmly at the door of Board-level governance, the GDPR is expected to create a root and branch overhaul of technical systems, policies and supplier relationships, wherever personal data is present in a company’s operational process.

 

Source : http://www.btireland.com/pr_2016_11_16_amarachresearch.shtml

About Wizuda

Developing IT Solutions to Make Businesses Better

At Wizuda we focus on developing IT solutions which help businesses grow and empower people to collaborate and stay connected securely and compliantly. Specialists in secure data transfer since 2001, all development and support operations are carried out from our two Irish 

offices located in Dublin (Wizuda Headquarters) and Limerick. We pride ourselves in developing software solutions that allow organisations to take back control of their file transfer and data sharing operations, enabling them to operate efficiently, securely and compliantly

Quick Contact

  • To see our full privacy statement, click here.

  • This field is for validation purposes and should be left unchanged.
Contact Us