A new survey has revealed that two thirds of Chief Financial Officers (CFO’s) are unaware of changes to data protection laws which could massively affect their businesses.
Research commissioned by BT Ireland, and conducted by Amárach Research into large domestic and multinational firms with an average of 800 employees showed that just 28% of CFO’s were aware of the EU’s General Data Protection Regulation,(GDPR), an EU directive that comes into full force on 25 May 2018.
Some 34% of CFOs say they spend significant sums on technology, including hardware, software, and services.
The new Privacy Shield between the EU and the US will see much more strict enforcement on the sharing of EU citizen’s data with US firms.
Just 32% of CFOs aware of the Privacy Shield say it will have a significant impact, 48% expect some effect, while 20% believe it will have little or no consequence.
63% were unaware of the requirements or penalties associated with the EU’s General Data Protection Regulation (GDPR).
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