KPMG in Bermuda (KPMG), in collaboration with the Privacy Commissioner, conducted a Privacy readiness survey to access the markets’ awareness and readiness for the privacy regulation. The survey covered both international and local businesses ranging across industries including insurance, financial services, banking and others.
KPMG understands that technology is constantly developing, products are changing, and this has resulted in organisations collecting more and more data. The COVID-19 pandemic only accelerated these changes and dependency on technology increased. With the changing landscape, this bought on new challenges. These challenges can range from implementation and costs of a privacy program, to areas of the Bermuda Personal Information Protection Act (the Act) that the market expects to be most difficult to address. Conducting this survey has helped us see how Bermuda is preparing for the Privacy changes.
Key survey highlights include:
- 100% of respondents believe privacy regulation is good for Bermuda as a community;
- 75% of respondents do not have a PIPA readiness plan; and
- 35% of respondents are unsure how much they will need to spend on a privacy program.