New York And Stockholm – November 5, 2018

GDPR Costs Higher than Expected; Non-EU Companies Adopt Similar Regulations

Six months after its roll-out shows the privacy regulation costs more to implement than many had anticipated, and that non-EU companies are adopting similar regulations in anticipation of stronger customer privacy rules in their own locations.

Though the survey showed a generally positive response to GDPR a half year after its implementation, many respondents said their companies paid more than they had anticipated for compliance with the regulation (41 percent). Another 41 percent said they were successful in keeping their costs on budget, and 18 percent said it cost them less to implement than they had expected.Respondents to the survey, conducted by Survey Monkey for smart card management system leader Versasec, cited ensuring all employees comply with the rules as their biggest concern with GDPR in general (41 percent). 24 percent are worried about being assessed fines for non-compliance, and 19 percent say they are concerned about having to educate non-EU employees on the regulation. Surprisingly, just 16 percent feared losing revenues or customers due to GDPR.In terms of complying with the new regulation, companies said their challenges centered around educating internal employees (27 percent), not having enough resources to complete the implementation (23 percent), communicating with customers (20 percent) and addressing technical issues in a timely manner (20 percent).Despite more than half of the survey respondents saying their companies are based in the US and other non-EU countries, 70 percent of them said they are still working to comply with GDPR even though it is not required. About 50 percent noted that whether they have the rules or not in their countries, GDPR remains a good standard security practice. 30 percent also believe that more stringent privacy rules will likely be forthcoming across the globe. What’s more, nearly one in four respondents not currently under GDPR control feel adopting the regulations now will help them as they prepare their companies for expansion into Europe.Even when costs were spot on, compliance was not easy for many of those polled, with 59 percent admitting their companies were not in full compliance by the May 25, 2018 GDPR deadline.The survey data was collected from information technology during October 2018. Contact Versasec for the complete survey results

About Versasec

Versasec makes enterprises more secure with cybersecurity solutions empowered by hardware-based cryptography. By focusing on user credentials that enable… Versasec’s flagship product, vSEC:CMS, helps companies of all sizes easily deploy and manage virtual and physical smarts cards, tokens, RFID and other PKI credentials throughout their lifecycle. Software developed by Versasec is available for on-prem and private clouds or as managed services (SaaS).

Versasec has offices in Sweden, USA, Germany, France, UAE, United Kingdom, Malaysia and Egypt. It is headquartered in Stockholm. Its customers enjoy first-class support, maintenance, and training. In addition to a variety of government agencies around the globe, Versasec’s customers include HSBC, IMF, eBay, Northrop Grumman, EDAG, Hornbach, Raiffeisen Bank, SPGroup, Sunrise Regional Health, Banque Du Liban, Swiss Mobiliar, Cleveland Clinic, SERCO, KNPC and Sandia National Labs.

Versasec’s products and services are available worldwide through an extensive reseller network and via the Versasec web site:

Follow Versasec on LinkedIn (@versasec), Twitter (@versasec), and Facebook (@versasec).


Our product suite provides all the software tools to administrate and manage credentials in a secure and convenient way.

Start here

Free Product Trial

Versasec provides enabling IT security products centered on the usage of security devices such as smart cards. Our solutions enable customers to securely authenticate, issue and manage user credentials more cost effectively. Get a free product trial.

Job Openings

We are always looking for new exceptional persons to join our team! Find out more about our job openings.

Versasec Support

Versasec customers with an existing support and maintenance contract can access the Versasec Support Portal, offering extensive professional support and maintenance services. The Versasec Support Portal offers a variety of services, allowing for customers and any site visitor to communicate directly with support engineers.

Contact Support

Company Blog

Our blog addresses the latest security trends and stories. The posts discuss how identity and access management are playing a larger role in keeping corporate data safe as well as brand reputations intact.

Visit our Blog
Share this article