Businesses large and small are scrambling to assess their General Data Protection Regulation (GDPR) readiness, with less than a year to go until its implementation on May 25, 2018, according to Canalys (www.canalys.com).
The new framework demands a reassessment of the everyday operational structure for businesses that handle personal data in the EU. Canalys forecasts that this will spur the IT security market in Western and Central Eastern Europe to grow 16% to $11.5 billion in 2018. However, there are significant differences in preparedness between companies of varied sizes, according to the research group.
“Our research shows that large businesses are well informed on information security regulations, with resources in place to ensure compliance. With ransomware threats such as WannaCry causing havoc, shareholders will be more willing to accept increased data security and compliance budgets to protect their long-term investment,” said Canalys Senior Analyst Nushin Vaiani. “SMBs naturally have fewer resources, putting constraints on implementation. But there are potentially massive fines for non-compliance with GDPR, putting SMBs under threat of bankruptcy. Businesses must take action now to safeguard from this danger,” added Vaiani.
Overall, the net effect on SMBs will be significant and many are turning to their existing relationships with channel partners for help. Canalys expects this trend to accelerate, as SMBs realize they have little time left to implement changes if they are to meet the deadline.