Part 2 of our three part series reviews results from the TrustArc / Dimensional research report on the status of U.S. Privacy and GDPR Compliance Programs.
- To review Part 1, the General Privacy Market Results, click here
- Part 3 will include Privacy Program Implementation Results.
- In Part 2 of this series, we will share the GDPR Compliance Results.
For all companies responding, approximately 40% are still designing their GDPR plan and only about 10% have GDPR plans well underway. Many companies have a significant amount of GDPR implementation ahead of them.
Responding companies have set aside relatively large budgets for GDPR compliance for 2017-2018. For all companies responding, the #1 budget amount cited was between $100,000 to $500,000 (42%), with the #2 budget cited between $500,000 and $1,000,000 (23%). GDPR compliance budgets of over $1 million accounted for 9% of small companies, 19% of mid-size companies and 23% of large companies.
Nearly 1 in 4 large companies plan to spend over $1 million on GDPR compliance.
GDPR investments will go to a wide range of initiatives including consultants, internal hiring, and additional technology and tools.
In Part 3 of this series, we will reveal program implementation results. To read the full results now, download a copy of the TrustArc “Privacy and the EU GDPR” research report, click here.