More Indian companies are to increase their budget for data protection in the next one year in the light of country’s proposed Data Privacy Bill and ensure GDPR compliance, according to a report.

The report, ‘General Data Protection Regulation: The paradigm shift in privacy’ by UK-based Ernst & Young (EY), reveals that 22 per cent of the organisations increased their privacy budgets by 5-15 per cent in the last 12 months. Close to 25 per cent more companies plan to increase their budget in the same range over the next 12 months.

In the light of the proposed Data Privacy Bill, 50 per cent of the respondents surveyed confirmed plans to increase privacy budget in the coming year.

While 76 per cent of the organisations recognise the need to comply with their own information governance policies as the leading factor in their GDPR compliance journey, 63 per cent familiar with the policies continue to lag in compliance, according to the report.

“It further highlights that there is a pressing need within organisations to have dedicated and skilled resources for data privacy and compliance,” the report said.

According to the report it is also one of the biggest challenges with over 60 per cent of the respondents stating that they are grappling with inadequate skilled talent in ensuring GDPR compliance.

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