Just 34% of marketing and advertising businesses are aware of the new European data protection legislation which comes into force in less than a year.
The survey of 187 companies by law firm Irwin Mitchell also found that 31% thought the General Data Protection Regulation (GDPR) would have no impact on their business.
The GDPR, which comes into force on 25 May 2018, will impose a slew of new rules and regulations on how firms control and process consumer data. The penalties for non-compliance will also be much larger, with fines of up to €20 million or 4% of annual global turnover, whichever amount is higher.
Some 17% of the organisations surveyed said receiving the maximum fine would force them out of business, with a further 11% saying it would lead to significant job losses.
Joanne Bone, partner and data protection expert at Irwin Mitchell, said: “These results are concerning because with next May’s deadline fast-approaching and with so much at stake, our study reveals there’s a very real possibility that a large number of marketing and advertising firms will not be compliant in time.”
A separate poll commissioned by data management platform Rapid42 found 96% of CMOs in the financial services industry thought GDPR compliance would be the responsibility of the IT function. Just 18% of the CMOs canvassed could identify where their organisation’s data had come from.
More worryingly, recent research from the Crown Records Management revealed almost a quarter of UK firms have given up preparing for the EU General Data Protection in the belief it won’t apply after Britain leaves the EU.
And finally, a report from the DMA found only 54% of organisations feel they’re on course to comply with the GDPR when it comes into play next year.
