A new report proposes that implementing the GDPR has adversely affected companies through increased compliance costs and reduced demand. The report, written by Carl Benedikt Frey and Giorgio Presidente of the Oxford Martin School, suggests the GDPR caused an 8.1% drop in profits and 2.2% dip in sales for affected businesses. The Telegraph were quick to jump on the report and denounce the GDPR as a mistake that the UK would be wise to move away from. However, its conclusions appear to be based solely on the overall drop in profits and sales since GDPR's introduction, which seems to discount any other factors that could adversely impact business operations during this time. Furthermore, there is no recognition of the benefits the GDPR has delivered for businesses in areas such as data governance or reduced sales cycles. In contrast, Cisco's 2022 Data Privacy Benchmark Study concludes that privacy investments provide greater returns than the initial outlay for the third consecutive year. In the report, 81% of respondents reported returns above 1 x their initial outlay, with the average estimated benefits at 1.8 x spending, slightly down from 1.9% the previous year.
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