A majority of companies view the General Data Protection Regulation in the European Union as a source of opportunity that can help them improve privacy and data security, according to the results of a survey released Wednesday from IBM’s Institute for Business Value.

Fifty-nine percent of respondents to the survey agreed that the GDPR is a chance “for transformation or a spark for new data-led business models.” The remaining 41 percent of respondents viewed the GDPR as just another set of regulations requiring compliance.