# GDPR readiness: Finance and IT most funded sectors in race towards General Data Protection Regulation compliance Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-10-27 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: New Research: Education Sector Ready for GDPR First Meta Description: New research from Clearswift reveals that only 26% of businesses are currently prepared for GDPR, with education sector closely rivaling technology in URL: https://financedigest.com/gdpr-readiness-finance-and-it-most-funded-sectors-in-race-towards-general-data-protection-regulation-compliancehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd271017-6-1736843342439-compressed.jpg) - _Only 1 in 4 businesses currently ready for GDPR, but a further 44% expect to be ready in time for next May._ - _Finance (£215m) and IT (£266m) departments see the most funding for GDPR investment._ - _Education sector (31%) [rivals Technology and Telecoms](https://www.financedigest.com/telecom-italia-boosted-by-rival-offer-for-landline-grid.html "Telecom Italia boosted by rival offer for landline grid") industry (32%) in being ready for GDPR._ - _Healthcare (17%) the least likely to be ready for GDPR over any other sector. Retail (18%), Marketing (19%) and Legal (21%) sectors [follow close](https://www.financedigest.com/why-google-is-never-closed-for-maintenance-and-how-banks-can-follow-suit.html "Why Google is never closed for maintenance and how banks can follow suit") behind._ New research from leading [information security company Clearswift has shown that the education sector](https://www.financedigest.com/overcoming-information-overload-in-the-financial-sector.html "OVERCOMING INFORMATION OVERLOAD IN THE FINANCIAL SECTOR") is rivaling technology for the top spot when it comes to GDPR preparedness. The [research surveyed 600 senior business](https://www.financedigest.com/title-gallium-68-market-research-methodology-business-opportunities-and-analysis-report-by-2031.html "Gallium-68 Market Research Methodology, Business Opportunities and Analysis Report by 2031") decision makers and 1,200 employees across the UK, US, Germany and Australia. When asked whether firms currently have all of the necessary processes in place to be compliant the [top five performing sectors included](https://www.financedigest.com/title-interventional-pulmonology-market-shows-huge-demand-and-future-scope-including-top-players-2031.html "Interventional Pulmonology Market Shows Huge Demand and Future Scope Including Top Players 2031") technology and telecommunications (32%), education (31%), IT (29%), business services (29%) and finance (29%). The survey has also revealed, of all the sectors, healthcare is the least likely to be ready for the upcoming GDPR, with only 17% of private and [public sector](https://www.financedigest.com/guess-what-public-sector-adoption-of-e-invoicing-on-the-rise.html "GUESS WHAT? PUBLIC SECTOR ADOPTION OF E-INVOICING ON THE RISE!") bodies claiming to have the processes in place to comply with the legislation. Following closely behind is the retail [sector with a mere 18% of the industry](https://www.financedigest.com/construction-machinery-sector-is-primary-growth-factor-for-industrial-hydraulic-filters-market-unveils-fact-mr-2.html "Construction Machinery Sector Is Primary Growth Factor For Industrial Hydraulic Filters Market, Unveils Fact.MR") ready for GDPR, and marketing at 19% and legal at 21%. Overall, the research has shown that only a quarter (26%) of businesses are currently ready for General Data [Protection Regulation](https://www.financedigest.com/regulators-need-to-strike-the-balance-between-protection-and-strangulation.html "REGULATORS NEED TO STRIKE THE BALANCE BETWEEN PROTECTION AND STRANGULATION") (GDPR). However with the deadline fast approaching, a further 44% are putting processes in place and expect to be ready in time for May [next year](https://www.financedigest.com/the-next-upcoming-years-to-see-the-aesthetic-lasers-and-energy-devices-market-get-through-the-best-of-both-innovation-and-inquisition.html "The Next Upcoming Years To See The Aesthetic Lasers And Energy Devices Market Get Through The Best Of Both – Innovation And Inquisition"), when the legislation comes into force. **Dr Guy Bunker, SVP of Products at Clearswift, said:** “With 64% of UK businesses currently making moves towards GDPR compliance, the [outlook is not as bleak](https://www.financedigest.com/britains-bleak-outlook-sets-sterling-to-downward-spiral.html "Britain’s bleak outlook sets sterling to downward spiral") as previously thought. “It is clear that the regulation has grabbed the attention of businesses, but what is important is that their focus is in the right place. Those viewing GDPR as an [opportunity will be in the best position](https://www.financedigest.com/infant-positioning-aids-market-application-trends-growth-opportunities-and-worldwide-forecast-to-2027.html "Infant Positioning Aids Market Application, Trends, Growth, Opportunities and Worldwide Forecast to 2027") to not only comply, but evolve their organisations, enhance their security posture and achieve business growth. “Educating employees about how to safeguard critical information, introducing [data](https://www.financedigest.com/amazons-twitch-blames-configuration-error-for-data-breach.html "Amazon’s Twitch blames configuration error for data breach") protection guidelines and instilling a culture of data consciousness in the workplace will not only bring organisations closer to compliance but help reduce the chances of a data breach.” Although the majority of businesses may not currently be ready for GDPR, employers have begun to identifying the departments within their organisations where data protection is needed most. The most common departments to have budget allocated for spend on GDPR are finance and IT (31%). This is particularly relevant as most businesses believe their [critical data predominantly lies in the finance department](https://www.clearswift.com/about-us/pr/press-releases/insider-threat-74-security-incidents-come-extended-enterprise-not-hacking-groups) (55%), suggesting that finance will be under the spotlight in the coming months as organisations look at how they can prepare for GDPR. When looking at the size of an organisation, 46% of the businesses that reported they are ready for GDPR had between 500 – 999 employees. Compared with larger corporations of 5000 or more employees, only 19% reported they are ready, suggesting that bigger is not necessarily better.  Smaller enterprises are leading the [way over their larger counterparts in putting processes and technology in place ahead](https://www.financedigest.com/the-bone-void-fillers-market-to-get-way-ahead-with-digitization.html "The Bone Void Fillers Market to get way ahead with digitization") of May 2018. While many organisations are expecting to be ready for GDPR, our research has shown that a typical company-wide IT [project takes around](https://www.financedigest.com/metal-powder-market-is-projected-to-reach-a-market-value-of-around-us-20-bn-by-2031.html "Metal Powder Market is projected to reach a market value of around US$ 20 Bn by 2031") six months to roll-out, meaning those that aren’t ready now are running out of time to introduce new technology which could help them comply with the legislation. **Dr Bunker added:** The key [focuses for GDPR compliance are educating employees and understanding where your data](https://www.financedigest.com/sterling-falls-vs-dollar-as-focus-turns-to-uk-data.html "Sterling falls vs dollar as focus turns to UK data") lies. However, organisations that are still looking at how they can prepare should focus on security solutions that can be integrated within existing infrastructures, such as [Data Loss Prevention](https://www.financedigest.com/big-data-analytics-fraud-prevention-in-the-financial-sector.html "BIG DATA, ANALYTICS & FRAUD PREVENTION IN THE FINANCIAL SECTOR") (DLP) tools and content inspection software, which are the biggest priorities in preventing data loss and can be used to demonstrate compliance with GDPR legislation. This can save [time and costs by adding these to existing security investments instead of the removing old](https://www.financedigest.com/female-founders-still-struggle-to-get-funded-time-to-rip-up-the-old-rulebook.html "Female Founders Still Struggle to Get Funded: Time To Rip Up The Old Rulebook") technology and replacing it with completely new solutions.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---