U.S. companies spending millions to satisfy Europe’s GDPR
Ninety-two percent of U.S. multinational companies cited compliance with the looming General Data Protection Regulation (GDPR) as a top data protection priority, according to new research from PwC. Sixty-eight percent are earmarking between $1 million and $10 million on GDPR readiness and compliance efforts, with 9 percent expecting to spend over $10 million, says Jay Cline, PwC’s U.S. privacy leader.
Cline says PwC ‘slatest survey showed that fear remains the biggest motivator for U.S. CIOs, who are “connecting the dots” after watching data breaches lead to lost revenues, regulatory fines and the erosion of consumer trust. “U.S. companies see the connection between doing privacy well and greater revenues and consumer trust,” says Cline, who surveyed 200 CIOs, CISOs and other C-suite executives.