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198 billion Euros the cost of GDPR for the European companies, Intrum report says

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The annual European Payment Report 2018 (EPR) by Intrum shows that 27 percent of all businesses in Europe state that they have not heard of GDPR. The survey conducted between January 24 and March 23, 2018.

According to an Intrum report released on 21 May 2018, to many, it will be even more staggering to note that every eight (12%) large corporation, defined as companies with more than 250 employees, said that they have never heard of GDPR. The businesses with the least knowledge of GDPR are based in Greece, 69 percent), Bosnia and Hercegovina (67 percent), Slovenia (62 percent), Norway (51 percent) and Lithuania (49 percent). In Denmark, only 2 percent of the businesses state that they did not know about GDPR, followed by Czech Republic (6 percent), Sweden (9 percent), Portugal (11 percent) and Austria (12 percent).

The report says that the average cost for implementing the mandatory GDPR ranges between at 8,000 Euro for SMEs and 65,000 Euro for large corporations, according to 3,717 companies surveyed in the EPR 2018. Intrum will present the full EPR 2018 in 29 European countries on May 28. That gives an assumed total cost of 198 billion Euros for the 26 million businesses in the European Union, based on data from Eurostat.  

The General Data Protection Regulation (GDPR) is designed and decided by the EU and is mandatory for all companies handling data concerning EU citizens. All companies and organisations must comply with the GDPR by May 25, 2018.

When asked about the impact of GDPR on payment routine, 27 percent of the responding businesses said that they had “never heard of GDPR”.

“At Intrum we have more than 50 000 contacts with private consumers or businesses on a daily basis and to manage personal data and be compliant with existing regulations is a prerequisite for us to run our business. We already have a strong track record of protecting the data that we handle, having worked on these issues for many years and complying with local data privacy rules. The GDPR paves the way for common rules across the EU and the consequences of not complying will be far-reaching. Therefore it is somewhat surprising that a large share of European businesses still is unaware of the regulation at this point”, says Lina Rollby Claesson, Group Compliance Officer at Intrum.

Intrum is the industry-leading provider of Credit Management Services with a presence in 24 markets in Europe. Intrum helps companies prosper by offering solutions designed to improve cash flows and long-term profitability and by caring for their customers. To ensure that individuals and companies get the support they need to become free from debt is a critical part of the company’s mission. Intrum has more than 8,000 dedicated and empathetic professionals who serve around 80,000 companies across Europe. In 2017, Pro-forma revenues amounted to SEK 12.2 billion. Intrum is headquartered in Stockholm, Sweden and the Intrum share is listed on the Nasdaq Stockholm exchange.

Source: intrum.com

Image: Pixabay-TheDigitalArtist


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