Spurious report claims the GDPR has cost businesses 8% of their profits

14/03/2022 | The Telegraph

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. 

Read Full Story
Sales decline, downturn

What is this page?

You are reading a summary article on the Privacy Newsfeed, a free resource for DPOs and other professionals with privacy or data protection responsibilities helping them stay informed of industry news all in one place. The information here is a brief snippet relating to a single piece of original content or several articles about a common topic or thread. The main contributor is listed in the top left-hand corner, just beneath the article title.

The Privacy Newsfeed monitors over 300 global publications, of which more than 2,500 summary articles have been posted to the online archive dating back to the beginning of 2020. A weekly roundup is available by email every Friday.

Freevacy has been shortlisted in the Best Educator category.
The PICCASO Privacy Awards recognise the people making an outstanding contribution to this dynamic and fast-growing sector.