A new survey of global marketers by the World Federation of Advertisers (WFA) highlights the need for brand organizations to work faster and harder to get to grips with the challenges of the General Data Protection Regulation (GDPR), even if they are not based in the EU.

Highlights:
70% of brand owners said that they felt marketers in their organizations were not fully aware of the implications of the GDPR
Only 65% of respondents said they expected to be fully compliantbefore the rules come into force in May 2018
Just 41% said they already had a framework/strategy in place
1 in 4 organizations surveyed said they were still in the initial planning stages
 

The knowledge gap was more severe among marketing teams based outside the EU 
56% of respondents said their European teams were more aware of the challenge, compared to a global average of 44%This is important because the rules apply to any company, which offers goods or services to consumers in the EU or monitors the behavior of people located in Europe, regardless of where they are based.
Despite the fact that companies can be fined up to 4% of global turnover (representing a potential fine of $800 million to $19.2 billion for Global 500 companies) for breaching the new rules, 40% said it was extremely challenging or challenging to raise awareness of data privacy issues internally
The results are based on responses from 18 companies, spending more than $20 billion on global marketing communications each year. “It is a concern that only nine months away from implementation many marketers are not prepared. The risks of not being ready for GDPR are huge both financially and in terms of consumer reputation,” says Jacqui Stephenson, global responsible marketing officer at Mars, and chair of the WFA’s Digital Governance Exchange, in a statement. “If you are looking for help getting your marketing organization up to speed then the WFA’s new Guide to GDPR for Marketers is the best place to start.”