Eighty percent of businesses are not prepared for the new General Data Protection Regulation, which come into force in May.
That's the finding of Mike Lenard of Swindon-based Tailored Data Solutions following an address to 100 CEOs, data protection officers, company secretaries, lawyers, IT and marketing managers at an event at ExecLN, the Executive Leaders Network.
GDPR sets new standards for the storage, collection, distribution and usage of all personal information and data pertaining to a company's customers.
Up to 20 million Euros, or four percent of a company's annual, whichever is greater, could be the price to pay by any company who is found to be in breach after the May 25 deadline.
Not only do the GDPR guidelines mean a company needs to be able to comply with the regulations pertaining to storing and using their data, they must also be able to prove their compliance in a demonstrable way if asked to do so, including processes and security measures taken.
"It was worrying that with the impending deadline, most businesses still aren't ready for the changes," said Mike.
"We spoke with large and small companies and there still is much confusion on how they can prepare for GDPR."