The application of FDA within data protection and data privacy compliance is paramount
Around the world, countries are enacting data protection and privacy regulations that present real compliance challenges for companies. The EU’s General Data Protection Regulation (GDPR), which became effective in May 2018, is complex, applicable to companies globally, and has signiﬁcant potential ﬁnancial penalties. Yet at the time of our survey, only 33% of respondents had a plan to address GDPR compliance. Another 39% of respondents indicated that they are not at all familiar with the GDPR.
Forty-two percent of respondents believe that data protection and data privacy regulations have a significant impact on the design and use of FDA. FDA can be a valuable part of achieving compliance with data protection and privacy regulations, as one tool in an organization’s information governance program. On the other hand, companies that incorporate data protection and data privacy compliance in their FDA strategies can gain a competitive edge over those that choose to avoid FDA, due to the cost of compliance and regulatory concerns.