One in five companies in Romania (20%) said they have not heard of the General Data Protection Regulation (GDPR), according to the European Payment Report 2018 carried out by Intrum.

The GDPR will be applicable as of May 25, 2018 in all member states to harmonize data privacy laws across Europe.

The report also revealed that 21% of companies in Romania anticipate that the implementation of GDPR rules will affect payment behavior, local News.ro reported. The share is over the European average of 14%. It also the second-highest percentage among the countries included in the report, only the UK registering a higher share of 31%.

Although the SMEs and corporations in Romania expect serious GDPR influence, they are optimistic about the impact of legislative measures on the business environment. The European average when it comes to companies' optimism about the GDPR's effects is only 8%, while in Romania it stands at 19%.

When it comes to the amounts allocated by Romanian companies for GDPR implementation, 15% of them say they have invested between EUR 1 – 1,000 and 8% between EUR 1,000 – 50,000. The remaining 77% of the interviewed companies either stated that they had no GDPR implementation costs or that they did not know them.

Data come from the European Payment Report 2018, which is based on a survey that was conducted simultaneously in 29 European countries between January 24 and March 23, 2018. The full report will be presented on May 28.

Irina Marica, irina.marica@romania-insider.com