32% of company directors say their organisation only began preparing for the new General Data Protection Regulation in the last three months.
And 12% of companies just began preparations within the last month for the new regulations, which take effect on May 25.
This is according to a new survey from the Institute of Directors in Ireland.
The survey found that 48% of organisations began preparing for the GDPR more than six months ago while 47% of firms have retained external advisors to assist with preparations.
The GDPR will affect all EU member states and updates and overhauls European data protection law with companies that process the data of EU residents obliged to comply with the new requirements.
Today's survey also shows that 75% of directors had a "good to excellent" understanding of the regulation.
But 25% of directors surveyed described their level of understanding of the GDPR as "fair or poor "and 27% said their organisation is either slightly or not at all prepared for it.
Meanwhile, the cost of ensuring full compliance with the GDPR, including staff training requirements, is of concern to 1 in 3 directors surveyed.
28% of companies said they plan to spend up to €10,000 on the implementation of GDPR requirements, with 41% planning to spend up to €50,000.
"Given the significant compliance requirements, as well as potential fines and sanctions, the level of preparedness and understanding of the GDPR among some directors at this late stage is concerning,'" Maura Quinn, the CEO of the Institute of Directors in Ireland said.
"While many organisations are well advanced in their preparations and have a very good understanding of GDPR requirements, a sizable proportion are coming late to the game and will require significant effort to achieve compliance by May 25," Maura Quinn added.
