The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Friday, 20 September

GDPR and CCPA Are Businesses Biggest Risks

GDPR and the California Consumer Privacy Act

Gartner's quarterly survey has shown that privacy regulation has returned to the top of the list of emerging risks that worry organisations in light of the GDPR and the California Consumer Privacy Act.

Gartner's latest Emerging Risks Monitor Report shows concerns around privacy regulations were consistently spread across the globe, denoting the increasingly numerous and geographically specific regulations that companies must now comply with.

“With the General Data Protection Regulations (GDPR) now in effect, executives realise that complying with privacy regulations is more complex and costly than first anticipated,” said Matt Shinkman, managing vice president and risk practice leader at Gartner. “More budget dollars from IT, legal and information security are going to address GDPR compliance, just as the California Consumer Privacy Act (CCPA) is set to take effect, adding another layer of complexity for companies to navigate in this area.”

 

Sector concern

With sixty-four per cent of overall respondents indicating privacy regulation as a key risk, the data showed an elevated concern among executives from the banking, financial services, technology & telecommunications and food, beverage & consumer goods sectors, with at least 70 per cent of executives in each sector indicating it as a top risk. 

 

CCPA

The CCPA is one of several new global privacy regulations modelled after Europe’s GDPR law. An increasingly fragmented data privacy regulatory landscape, with new privacy laws also recently enacted in Australia and Japan, have complicated the path to full privacy compliance for many firms. 

“We are now seeing an evolution from GDPR-specific concerns, which have been on executives’ minds for the past couple of years, to a broader recognition that their organisations need to overhaul their entire data security governance strategies,” said Shinkman. “GDPR compliance is really just the starting gun in this process, and not the finish line.”

 

Magnitude of concerns

In addition to being rated the top risk this quarter, accelerating privacy regulation was also rated as a risk with 'very rapid velocity', meaning that the risk would have high impact if it were to materialise. This may hint at a wariness among executives of the potentially large fines and reputational damage associated with violations of GDPR and similar legislation.

Privacy regulation was also rated as the highest-probability risk of any of the top 10 in this quarter’s report, demonstrating that executives view it as a concrete threat.

For those concerned about complying with emerging data privacy regulations, Gartner has produced a series of recommendations for GDPR, including developing a data security governance strategy and guidelines for the appointment of a chief data privacy officer.

Picture: Falling foul of international privacy regulations is the top concern for organisations in light of GDPR and the California Consumer Privacy Act.

Article written by Brian Shillibeer

Share



Related Articles

Most Brits Think They Are Too Old For An Apprenticeship

Two thirds of the UK workforce wrongly believe they are too old to become an apprentice and that the age barrier is between 16-24 when in fact, there is no age...

 Read Full Article
Megatrends - Globalisation And Building Services

In the last of its series of four 'Megatrends' White Papers, BSRIA has explored how globalisation is affecting almost every aspect of life and business - and...

 Read Full Article
Unpaid Claims - Insurers Always Win

New research has revealed that companies who take their insurers to court or public arbitration over non-payment of a claim only win in around one in three cases. The...

 Read Full Article
Green In The Workplace - Not My Job

One in three UK workers say it’s not their responsibility to be environmentally friendly in the workplace as new research reveals there is a gulf between attitudes...

 Read Full Article
Facial Recognition Now Available - But Trouble Brewing Ahead

A commercially available facial recognition system has just been launched. Meanwhile, developer Argent could be in hot water for using LFR and both the ICO and a...

 Read Full Article
Lunch Is For Wimps?

A Glassdoor survey has revealed that forty per cent of UK employees would like to reduce their working hours by not taking a lunch break. Seven in ten UK employees say...

 Read Full Article
Spinning And Spinning And Spinning Around

If you feel like you can't keep up with the pace of change, then you're not alone. 69% of UK adults feel like change happens faster now than 20 years ago, rising...

 Read Full Article
Questions & Answers On Workplace Environmental Wellbeing

How can real estate strategy support wellbeing at work? Leesman and Delos are investigating to find the answer. The collaboration aims to test and validate impacts on an...

 Read Full Article
Flexi Work - Booty: 'It's In The Eye Of The Beholder'

Tony Booty says companies should look around carefully and grab some data before embarking on flexible working office schemes. Booty is a director at Abintra which...

 Read Full Article
Work Insecurity - Living Hours Campaign Launched

The Living Wage Foundation has launched Living Hours, a new programme to tackle the widespread insecurity many 'employees' suffer over hours they might get to...

 Read Full Article