KPMG Conducts Privacy Readiness Survey

KPMG in Bermuda, in collaboration with the Privacy Commissioner, conducted a Privacy readiness survey to access the markets’ awareness and readiness for the privacy regulation.

A spokesperson said, “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.

Alexander White, Privacy Commissioner stated, “This privacy readiness survey provides welcome insight into our community’s perceptions of the importance of data privacy and how to make it a reality. Our office’s annual goals already focused on the need for training and awareness events and further guidance for setting up a privacy programme, and we will evaluate these aggregate results to ensure we take on board the community’s thoughts and opinions. We offer our thanks to the KPMG team, particularly Katy Gloth who spearheaded the effort.”

Ian Gardner, Director stated, “Increasing remote working and technology disruption, features of the last year, have increased the sharing of personal information and complexity of models in which such data is shared domestically and internationally. Coupled with the regulatory focus on the protection and privacy of personal data, makes our survey valuable for insights on the impact, awareness and readiness for the Act.”

“To read the full report of the Privacy survey results, visit here.”

#BermudaBusiness #KPMG

Category: All, Business, technology