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50% of US businesses aren't ready for the most significant data privacy change in 20 years

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50% of US businesses aren't ready for the most significant data privacy change in 20 years

New EU privacy regulations could have a significant impact on US businesses.

New research out today from data privacy management company TRUSTe shows that only half of US based businesses are aware or preparing for the pending EU regulation on data privacy.  The General Data Protection Regulation (GDPR) is slated to become law by the end of 2015 and will mandate that all companies with EU customers follow the new rules wherever they're based.

The research revealed the discrepancy between businesses who were unaware of the pending regulation and a smaller more informed group of companies who have set aside in excess of half a million dollars to address the necessary changes.

TRUSTe CEO Chris Babel said, "While the surprise dismissal of the Safe Harbor agreement has caused uncertainty for thousands of companies, this is the tip of the iceberg compared to the sweeping and stringent changes about to be adopted by EU regulators."

"The GDPR represents the most significant global development in data protection law in the last twenty years and for many US companies will require a complete restructuring of the way they currently collect, store and transfer personal data.  Despite over four years of high profile negotiations, half of companies are still unaware and there is a worrying chasm between those who are actively preparing and those blind to the changes ahead."

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