According to a new report from Capgemini research, compliance with the EU’s GDPR has yielded a range of significant and perhaps unanticipated benefits, from increased consumer trust to better customer engagement and revenue growth. Overall, the researcher says that “[GDPR] compliant organizations have outperformed non-compliant [companies] by an average of 20%.”
Only 28% complaint so far. Overall only 28% of firms surveyed by Capgemini were fully GDPR compliant. The company polled 1,100 senior executives in various industries (insurance, banking, consumer products, utilities, telecom, public services, healthcare and retail) in multiple countries. It then compared the performance of GDPR-compliant organizations against those that were not compliant or only partly compliant. The report states, “92% of executives from compliant firms say their organization has gained a competitive advantage thanks to the GDPR.”
CCPA. It found that 70% believed they would be compliant with CCPA when it goes into effect next year. However, based on the observed lag between anticipated and actual GDPR compliance, the firm believes that many companies are being optimistic about their preparedness for CCPA.
What’s significant about these findings is that adherence to strict consumer privacy rules has not hurt firms doing business in the EU. In fact, it appears to have done the exact opposite: helped them outperform their non-compliant peers. By extension there could be a similar benefit for CCPA-complaint companies in the U.S. So rather than resisting, companies should think about accelerating compliance and market that fact to consumers.
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