Our first survey, launched back in December 2018 and named “6 months into the application of General Data Protection Regulation (GDPR), Luxembourg market status: Smooth Sailing or Hot Water?”, was aimed at understanding the Luxembourg business environment’s reactions to the regulation 6 months after it entered into force. Results revealed that while the majority of respondents considered themselves “GDPR-ready” or “almost-ready”, there was still work to be done, including in terms of risk management and data retention.
18 months after the GDPR implementation, we thought it was relevant to conduct a second survey to assess where the Luxembourg market stands, how data privacy challenges have been tackled and what changed since the first edition of the survey.
We sent out 25 questions to Luxembourg players from different industries. Launched mid-January 2020, the survey was available to the respondents during one month. We would like to warmly thank all 111 respondents for taking the time to share their thoughts.
After 18 months of the GDPR being in force, results show that the financial sector remains ahead in terms of GDPR-readiness compared to the other sectors, followed closely by the manufacturing sector.
When looking at the biggest challenges encountered in the implementation of the GDPR measures, we notice that the top 3 challenges remain unchanged in 2020, irrespective of the industry sector: mapping of all personal data processing activities, staff availability and complex technological measures. Legal comprehension is also not to be underestimated.
We can notice a positive trend between 2018 and 2020. Indeed, the percentage of respondents declaring to have made financial investments in data security measures has significantly increased. It proves to be the case for all types of companies, irrespective of the industry sector.
The survey results show that almost 50% of the operational companies have fully used their budget dedicated to security.
Partner, Regulatory Advisory Services, PwC Luxembourg
Tel: +352 49 48 48 4173
Senior Manager, PwC Luxembourg
Tel: +352 49 48 48 4412