This is despite the vast majority ( 95% of senior executives and 87% of small business owners) claiming to have at least some understanding of their industry’s legal requirements. 

The GDPR, which replaces existing European data protection laws from May 2018, is intended to bring greater strength and consistency to the data protection given to individuals within the EU.

The survey, from information security company Shred-it, conducted by Ipsos, also revealed that just 14% of small business owners and 31% of senior executives were able to correctly identify the fine associated with the new regulation (up to €20m or 4% of global turnover).

Of those who claimed to be aware of the legislation change, just 40% of senior executives have already begun to take action in preparation for the GDPR. 

"As we approach May 2018, it’s crucial that organisations of all sizes begin to take a proactive approach in preparing for the incoming GDPR," said Robert Guice, senior vice president, Shred-it EMEAA.

"From implementing stricter internal data protection procedures such as staff training, internal processing audits and reviews of HR policies, to ensuring greater transparency around the use of personal information, businesses must be aware of how the legislation will affect their company to ensure they are fully compliant."

Guidance on how to prepare for GDPR can be found here.