EU Survey of Senior Retailers Reveals UK is Less Prepared for GDPR Compliance Than Germany or France – & More Likely to See...
25 4월 2018 - 8:01AM
Business Wire
- 46 percent of senior retail executives
in the UK say their organisation will not be fully compliant with
GDPR when the law comes into effect – higher than in Germany and
France
- 71 percent in the UK believe that data
transfer poses a ‘significant threat’ to their organisation –
higher than in Germany and France
- Expert warns, however, that the impact
of GDPR will be marginal unless there is a fundamental shift in
consumer behaviour
UK retailers are not only lagging behind Germany and France in
the race to General Data Protection Regulation (GDPR) compliance,
they are also more likely to view data transfer as a significant
threat to their organisation. This is according to an Oliver Wyman
survey of 277 senior retail executives in the UK, France and
Germany designed to explore the risks and opportunities associated
with GDPR, which comes into effect on 25 May.
Almost half (46 percent) of the UK respondents in the survey by
the global management consultancy acknowledge that their
organisation will not be fully compliant (compared to 32 percent
and 39 percent in Germany and France). Seventy-one percent see data
transfer requests as a significant threat (compared to 65 percent
in Germany and 56 percent in France).
Only 17 percent of executives across all markets view GDPR as
purely an opportunity, yet 78 percent report that owning, managing
and working with customer data plays an important role in their
business. More than a quarter (26%) say it is “fundamental to
everything they do as a business.”
Duncan Brewer, Retail and Consumer Goods partner at Oliver
Wyman, says: “While UK retailers are taking GDPR seriously and
investing resources in the lead up to the enactment of the EU
regulation, it appears they are claiming to be less prepared and
more likely to view the legislation as a threat than those in other
European markets.
“Across Europe our research shows that senior retail executives
are very concerned about data deletion and transfer. Yet it would
require a fundamental change in consumer behaviour for retailers to
be inundated with customer requests as we are seeing little concern
for privacy among consumers. Most consumers are likely to continue
to offer their data in exchange for improved services and
convenience.
“Unless GDPR leads to a significant shift in consciousness
around data privacy, retailers will have spent a significant amount
of time and effort building offensive and defensive strategies for
minimal benefit.”
On average, the survey shows that organisations are devoting 10
employees, including six new hires, to GDPR in an effort to ensure
compliance. Fifty-six percent of executives say their companies are
introducing stronger data security measures to increase customer’s
trust and 40 percent are exploring price and service incentives for
customers who don’t request that their data is deleted or
transferred.
About the research
Oliver Wyman surveyed 277 senior executives within the retail
industry in the UK, France and Germany, with an equal spread of
respondents across each market.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With
offices in 50+ cities across nearly 30 countries, Oliver Wyman
combines deep industry knowledge with specialized expertise in
strategy, operations, risk management, and organization
transformation. The firm has more than 4,700 professionals around
the world who help clients optimize their business, improve their
operations and risk profile, and accelerate their organizational
performance to seize the most attractive opportunities. Oliver
Wyman is a wholly owned subsidiary of Marsh & McLennan
Companies [NYSE:MMC]. For more information, visit
www.oliverwyman.com. Follow Oliver Wyman on Twitter
@OliverWyman.
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version on businesswire.com: https://www.businesswire.com/news/home/20180424006344/en/
For Oliver Wyman:Lucy Chapple or Freya Trevor-Harris, 0203 696
5800oliverwyman@standagency.com
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