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Many Firms Remain Hindered by Global Privacy and Security Rules

According to recent research by Experian Data Breach Resolution and Ponemon Institute, despite the fact that firms are knowledgeable and perturbed about the regulations on global privacy and data security, a good number among them fail to adequately grasp and efficiently make firm wide changes to show compliance.
The study on Data Protection Risks & Regulations in the Global Economy got the views of over 550 IT security and compliance experts on the major global risks, and the level of preparedness to handle data breach they feel their firm has made.
Over 51% of the surveyed firms had faced a global data breach, while almost 56% had experienced breach in the past 5 years more than once. In spite of these security threats, 32% of those surveyed maintained their organizations are yet to set up a security defense.
Just 30% of the survey participants agreed that their C-suite executives have complete knowledge of the state of their firm’s compliance with global laws. Also, 38% of them maintained that their top level managements see compliance with global privacy and data protection regulations as key.
The European Union’s General Data Protection Regulation (GDPR) is one notable regulation, and just 9% of respondents affirmed the readiness of their firms to comply with GDPR.
Reiterating Experian Data Breach Resolution’s vice president, Michael Bruemmer, the study reveals that in spite of the growing reports of damages resulting from data breaches, the growing risk and experiencing this global breach aren’t sufficient to make CSOs and CIOs to implement compliance measures in line with the GDPR.