Half of senior execs in brands, agencies and suppliers are unaware of the potential impacts of the draft EU Data Protection Regulation on their business.
That’s according to a survey of 250 direct marketing practitioners by the Direct Marketing Association (DMA), which showed half admit to being ‘unaware of the possible impacts on what they do’ in terms of the legislation’s clauses relating to the definition of personal data, limitations on customer profiling, consent to direct marketing and the so-called 'right to be forgotten'.
However, whilst many of them were unsure of the regulation’s effects on their business, the respondents widely agreed that data protection should be on the agenda for senior management. Three-quarters (76%) of the survey's respondents from agencies and suppliers along with 60% of respondents from brands, said that data protection should be a 'senior/board level executive issue'.
Additionally, the research showed that a staggering 99% of those surveyed believe the upcoming EU Data Protection Regulation will be 'unfairly weighted against business'.
Chris Combemale, executive director of the DMA, said of the findings: “It's highly revealing to see that so many consider data protection an urgent priority for 2013, however, it's concerning that half of senior managers in the industry are unaware of the potentially harmful impact of the legislation on their businesses.
“The responsible use of data enables brands to provide consumers with enhanced services and better choices. On world Data Privacy Day, it's essential that lawmakers understand the need to produce legislation that balances the privacy of people with the legitimate interests of companies that innovate to create growth for the economy.”
Recent DMA research revealed that the draft Regulation in its current form could cost UK businesses up to £47 billion in lost sales and additional regulatory costs.