GDPR Compliance: Big Challenge for Many Indian Firms
Indian Business Firms are facing a big challenge to implement GDPR Compliance in their organization. According to the recent EY survey, most of the corporations in India are still struggling to comply with the EU’s GDPR. As GDPR brought in for data protection and privacy of individuals in May 2018. Over 63 % of respondent who are aware of the regulation and its necessities reported that they were non-compliant.
This embrace several large globally recognized organizations and key government entities, it said. The survey report disclosed that 76 % of organizations who take part in the survey, still comply with their own information governance policy; whereas 45% continue to struggle in their GDPR compliance journey.
IT/ITeS sector has taken a command in terms of its GDPR compliance and 31% corporations believe that they’re compliant, as they have taken a lead with 65 % property of this sector. This can be followed by automotive organizations out of that 23% think that they’re compliant with GDPR,” the survey aforesaid. Therefore, the survey also makes efforts to search out that the challenges which companies are going through in their GDPR compliance and getting satisfactory skilled resources and It is a prime roadblock in the journey GDPR compliance.
As more than 60 % of the organizations sighted these as the major challenge in performing GDPR compliance activities. The Lack of relevant tools & training and knowing of GDPR compliance and no internal support from leadership were some of the other reasons which were cited. In the fourth survey responders belonged to the firms that are offering goods and services in the EU, but still are unaware of GDPR and its impact. But, there is a good news too as 80% organizations are aware of GDPR have proactively started their compliance journey towards it.
Since, most of the firms are planning to raise their budget as they realize the requirement for privacy and surprising 70 % organizations, having more than 5,000 employees, are planning to raise their privacy budget in the coming year. Therefore, over 85% of the firms have raised their budget in last year and want to further improve it in 2018. The organizations who have covered this survey were spread across IT and ITes, healthcare, automotive, media and entertainment, banking and financial services; and the research was conducted between April-May 2018.
As Data Privacy Law is coming in our country and Draft already roll our last Month, so we need to be prepare more aggressively and pull our socks for up coming challenge.