Market research ECM Insights 2017
(02.02.2018 - Berlin) 3 out of 4 large companies do not feel prepared for the EU GDPR. This is one of the results of a survey conducted by the SER Group for the ECM Insights market research series. What's alarming here is that over 45 percent have yet to develop a plan to fulfill the new requirements.
Time is running out: The EU General Data Protection Regulation (EU GDPR) goes into effect on May 25, 2018. If companies are unable to meet the new requirements, it will come at the cost of up to 20 million euros or 4 percent of a company's total revenue (whichever is higher). In light of these high financial penalties, it is surprising that 75 percent of the surveyed corporations from German-speaking countries are still unprepared for the EU GDPR. Furthermore, 45 percent do not know how to meet requirements such as the right to erasure, which stipulates that personal data must be completely deleted on request.
The problem: dispersed information
It's easy to see where the problem lies: The IT landscapes of many companies are full of information silos that are decentrally located. Personal information is often stored across various outdated archives and other legacy systems, in file systems or even in email mailboxes. According to 77 percent of the 1,826 responding CIOs, process managers and IT managers, this causes several problems. One is that it exacerbates access to information, which makes it even harder to meet the EU GDPR. "Many companies must first answer a crucial question: Do they even know where personal data is stored? If you can't answer this question, you can't take measures to fulfill the regulatory requirements of the EU GDPR," emphasizes Manfred Zerwas, Managing Partner of the SER Group.
EU GDPR compliance with Doxis4
For companies like these, the solution is to bring together dispersed data and documents and make them accessible in one centralized ECM system. With such a system, companies will be able to find, transmit and completely and traceably delete personal data at any time. "Every company can fulfill the new data protection requirements with the right tools. A certified ECM system such as Doxis4 is a solid basis for complying with the EU GDPR," comments Manfred Zerwas.
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About the SER Group
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*According to the most recently published figures on revenue, gross profits, operating results and number of employees