CHAMBER NEWS
Huge fines risk for failing to prevent data breaches
Companies failing to comply with the EU’s General Data Protection Regulations (GDPR) could face fines of up to €20m or four per cent of annual worldwide turnover from next year. The Regulation comes into effect in 2018 - when the
UK will still be part of the EU - and allows considerably greater punishment than the £500,000 ceiling currently imposed for data breaches. Last year saw significant
penalties handed down for data breaches with some high-profile organisations admitting to being hacked, including Tesco Bank, Three, Sage and Kiddicare. In 2015 TalkTalk was targeted by hackers. Understanding where the
Andy Watterson, the Chamber’s lead on cyber
‘Data breaches and other cyber attacks are not going to diminish. If anything, they will get bigger and more frequent’
attacks are likely to come from and where businesses tend to get their protection protocols wrong could be crucial to proving that steps were taken to prevent a data breach if a firm were to find itself facing a significant penalty. According to Computer Weekly in October last
year, quoting a Government 2015 information security breaches survey, “…90% of large organisations and 74% of SMEs reported a security breach leading to an estimated total of £1.4bn in regulatory fines”.
crime, said: “Data breaches and other cyber attacks are not going to diminish. If anything, they will get bigger and more frequent as the hackers get more and more clever and the amount of data gathered by organisations of all sizes increases. “The Government has already said that all existing EU regulations will be subsumed into UK law when we leave the EU so the punitive elements of the General Data Protection Regulations won’t go away any time soon. “It is essential organisations
can prove they took every precaution possible to protect client
data if they need to mitigate a punishment calculated on four per cent of global turnover – that’s turnover, not profit.” The Chamber has teamed up
with patron Economit, an independent and impartial IT consultancy based in Derby, to deliver a series of free business information sessions, the first of which took place on 21 February.
Andy Watterson
business network March 2017
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