According to one of Europe’s leading receivables management companies, EOS Group’s research, 41% of European companies feel that the new EU data protection and data management regulation known as GDPR is a priority. 16% of respondents think that they are partly affected by the regulation, 25% consider it totally irrelevant to their business, and 11% did not even hear about it.
If we examine the countries of Eastern and Western Europe separately, we can see that the Western European countries take the regulation more seriously, 45% of the companies say that their activity is highly affected by GDPR, while only 39% of the Eastern markets have the same opinion. In the West, mostly the Danish companies (74%), while in Eastern Europe, Polish (46%), Hungarian (45%) and Croatian (42%) companies consider the new regulation relevant for their operation.
Overall, the surveyed Hungarian companies rather regard GDPR as their burden, 74% expect more administration, 73% expect more bureaucracy and more data management, however, 72% also expect more data security from the new legislation. Half of the companies (49%) think that GDPR will increase their spending/expenditure, while 30% of them feel that their current business model is also in jeopardy.
Dr. Gyula Papp, EOS Hungary’s Legal and Compliance Director said: “GDPR, of course, also affects corporate receivables management processes. More than half of the surveyed companies (58%) said that they would optimize their internal business processes and transform them under the new regulations.” – the expert highlighted.