Share with your friends










Submit

Analytics Magazine

Most businesses see GDPR as opportunity to improve data privacy, security

Most businesses see GDPR as opportunity to improve data privacy, securityA new study from IBM reveals that nearly 60 percent of organizations surveyed are embracing the General Data Protection Regulation (GDPR) as an opportunity to improve privacy, security, data management or as catalyst for new business models, rather than simply a compliance issue or impediment.

To reduce their exposure, the study indicated that the majority of companies are being more selective in the data they collect and manage, with 70 percent disposing of data ahead of the deadline for compliance.

Companies’ preparation for GDPR comes in the wake of increased scrutiny from consumers on businesses’ management of personal data. A separate poll of 10,000 consumers, conducted by the Harris Poll on behalf of IBM, found that only 20 percent of U.S. consumers completely trust organizations they interact with to maintain the privacy of their data.

In the weeks leading up to the May 25 enforcement date, IBM’s Institute for Business Value (IBV) surveyed more than 1,500 business leaders responsible for GDPR compliance for organizations around the world. The results reveal how companies are approaching GDPR as an opportunity to build further trust with customers and help drive innovation:

  • 84 percent believe that proof of GDPR compliance will be seen as a positive differentiator to the public.
  • 76 percent said that GDPR will enable more trusted relationships with data subjects that will create new business opportunities.
  • Despite this opportunity, only 36 percent believe they will be fully compliant with GDPR by the May 25 deadline

“GDPR will be one of the biggest disruptive forces impacting business models across industries – and its reach extends far beyond the EU borders,” says Cindy Compert, CTO, Data Security & Privacy, IBM Security. “The onset of GDPR also comes during a time of huge distrust among consumers toward businesses ability to protect their personal data. These factors together have created a perfect storm for companies to rethink their approach to data responsibility and begin to restore the trust needed in today’s data-driven economy.”

Another key finding of the study is that organizations are using GDPR as an opportunity to streamline their approach to data and reduce the overall amount of data they are managing. For many organizations, this means vastly cutting down on the amount of data they collect, store and share. According to the new study, organizations reported taking the following actions in response to GDPR:

  • 80 percent say they are cutting down on the amount of personal data they keep.
  • 78 percent are reducing the number of people who have access to personal data.
  • 70 percent are disposing of data that is no longer needed.

The study found that the top challenges organizations are currently facing when it comes to GDPR compliance are finding personal data within their organizations (data discovery), ensuring the accuracy of the data they collect and store, as well as complying with rules for how data is analyzed and shared (data processing principals).

Other areas for concern included the handling of cross-border data transfers and getting consent from data subjects, as less than half of respondents said they were prepared for these aspects of GDPR.

One key element of GDPR includes the requirement for companies to report data breaches to regulators within 72 hours. However, the IBV study found that only 31 percent of companies have reexamined or modified their incident response plans to prepare for this requirement, representing a blindspot in companies’ overall approach to GDPR.

While challenges remain, 22 percent of companies surveyed are using GDPR as a fully transformational business opportunity for how they approach data responsibility and management.

To download the report, visit: http://ibm.biz/powerofGDPR.

Related Posts

  • 74
    Nearly 40 percent of data professionals spend more than 20 hours per week accessing, blending and preparing data rather than performing actual analysis, according to a survey conducted by TMMData and the Digital Analytics Association. More than 800 DAA community members participated in the survey held earlier this year. The…
    Tags: data, percent
  • 74
    With the rise of big data – and the processes and tools related to utilizing and managing large data sets – organizations are recognizing the value of data as a critical business asset to identify trends, patterns and preferences to drive improved customer experiences and competitive advantage. The problem is,…
    Tags: data
  • 70
    The Internet of Things (IoT) is considered to be the next revolution that touches every part of our daily life, from restocking ice cream to warning of pollutants. Analytics professionals understand the importance of data, especially in a complicated field such as healthcare. This article offers a framework on integrating…
    Tags: data
  • 64
    Businesses are greatly expanding the autonomous capabilities of their products, services and manufacturing processes to better optimize their reliability and efficiency. The processing of big data is playing an integral role in developing these prescriptive analytics. As a result, data scientists and engineers should pay attention to the following aspects…
    Tags: data
  • 61
    Frontline Systems releases Analytic Solver V2018 for Excel Frontline Systems, developer of the Solver in Microsoft Excel, recently released Analytic Solver V2018, its full product line of predictive and prescriptive analytics tools that work in Microsoft Excel. The new release includes a visual editor for multi-stage “data science workflows” (also…
    Tags: data

Headlines

Using machine learning and optimization to improve refugee integration

Andrew C. Trapp, a professor at the Foisie Business School at Worcester Polytechnic Institute (WPI), received a $320,000 National Science Foundation (NSF) grant to develop a computational tool to help humanitarian aid organizations significantly improve refugees’ chances of successfully resettling and integrating into a new country. Built upon ongoing work with an international team of computer scientists and economists, the tool integrates machine learning and optimization algorithms, along with complex computation of data, to match refugees to communities where they will find appropriate resources, including employment opportunities. Read more →

Gartner releases Healthcare Supply Chain Top 25 rankings

Gartner, Inc. has released its 10th annual Healthcare Supply Chain Top 25 ranking. The rankings recognize organizations across the healthcare value chain that demonstrate leadership in improving human life at sustainable costs. “Healthcare supply chains today face a multitude of challenges: increasing cost pressures and patient expectations, as well as the need to keep up with rapid technology advancement, to name just a few,” says Stephen Meyer, senior director at Gartner. Read more →

Meet CIMON, the first AI-powered astronaut assistant

CIMON, the world’s first artificial intelligence-enabled astronaut assistant, made its debut aboard the International Space Station. The ISS’s newest crew member, developed and built in Germany, was called into action on Nov. 15 with the command, “Wake up, CIMON!,” by German ESA astronaut Alexander Gerst, who has been living and working on the ISS since June 8. Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

INFORMS Computing Society Conference
Jan. 6-8, 2019; Knoxville, Tenn.

INFORMS Conference on Business Analytics & Operations Research
April 14-16, 2019; Austin, Texas

INFORMS International Conference
June 9-12, 2019; Cancun, Mexico

INFORMS Marketing Science Conference
June 20-22; Rome, Italy

INFORMS Applied Probability Conference
July 2-4, 2019; Brisbane, Australia

INFORMS Healthcare Conference
July 27-29, 2019; Boston, Mass.

2019 INFORMS Annual Meeting
Oct. 20-23, 2019; Seattle, Wash.

Winter Simulation Conference
Dec. 8-11, 2019: National Harbor, Md.

OTHER EVENTS

Advancing the Analytics-Driven Organization
Jan. 28–31, 2019, 1 p.m.– 5 p.m. (live online)

CAP® EXAM SCHEDULE

CAP® Exam computer-based testing sites are available in 700 locations worldwide. Take the exam close to home and on your schedule:


 
For more information, go to 
https://www.certifiedanalytics.org.