Half of US SMBs Still Don’t Know What GDPR is

mickyates Big Data Leave a Comment

Survey reveals SMBs lack the time and resources to improve data security

America’s small businesses lack the time and money to stay in line with the latest data security practices, a new survey of small-to-medium-sized businesses has revealed.

In November of 2018, business app review site GetApp commissioned a survey of 190 SMBs, questioning them on several data-security related areas. At the time of the survey, the most notable outcome found that 50% were still unfamiliar with the regulations of GDPR and the EU-U.S. Privacy Shield.

Many SMBs were also found to be lacking the basic security policies and practices that are necessary to protect sensitive customer data:

  •         16% have a data classification policy that provides different levels of access based on sensitivity.
  •         28% have an acceptable use policy that governs how its network, data, and applications can (and can’t) be used.

When asked about their efforts to make their practices better, 47% said they don’t have the time or resources to make any improvements. As a result, almost three-quarters (73%) of SMBs said they consider themselves to be “average” when judging their level of data privacy compliance.

Despite their struggles to commit the resources required, SMBs recognize the importance of data security. When ranking a range of priorities for their business when choosing software, data security was the second highest priority behind user reviews.

They were found to be committing resources to remain compliant in several key areas:

  •        61% have an individual or team within their organization dedicated to security, privacy, or compliance.
  •         34% revisit their data collection policies annually, while 26% revisit their policies as often as twice a year.

Zach Capers, Senior Content Analyst at GetApp said of the findings:

“When it comes to handling their personal data, customers place a high value on sound security policies. It means that for businesses of any size, compliance should be high on the list of priorities if you wish to win the trust of potential customers and get ahead of competitors.

“Our survey suggests that while small businesses recognize the importance of securing customer data, they struggle to find the time and resource to keep up with a constantly evolving sector.”

For more findings and analysis from the survey head to the GetApp blog.