In response to the new 2018 breach report from cybersecurity watchdogs with DLA Piper that European companies experience 60,000 data breaches in last 8 months.
“It’s no surprise the amount of data breaches that are now reported. Before GDPR, it may not have been reputationally feasible to report data breaches. However, with GDPR, it’s mandatory. Whenever a regulation is enacted, it requires a large amount of internal and external resources as well as capital investment to ensure compliance. Many organizations in the EU were not investing in the proper cybersecurity practices.
“In many cases where compliance is a factor, the cost of fines would have to outweigh the capital investment needed to ensure compliance. An organization can spend several hundred thousand Euros to prepare and maintain compliance. If the fine is only 10,000 Euros, it’s actually cost beneficial to take the fine and remediate the breach.
“The bottom line here is that many organizations were not prepared for GDPR and fell short in compliance.”
“These fines and breaches are an excellent indicator of how seriously Europeans take their data privacy, and how seriously the rest of the world should as well. These fines will only be the start – other countries and states are discovering their own regulations to match the basic guidelines laid out by EU’s GDPR. It’s encouraged that all organizations, large and small, take whatever steps they can to comply with GDPR regardless of whether they interface with European Union citizens; not only to comply with best practices user data handling but to also prepare for a future where user and data privacy becomes global.”
ISBuzz Team embodies the collaborative efforts of the dedicated staff at Information Security Buzz, converging a wide range of skills and viewpoints to present a unified, engaging voice in the information security realm. This entity isn't tied to a single individual; instead, it's a dynamic embodiment of a team diligently working behind the scenes to keep you updated and secure. When you read a post from ISBuzz Team, you're receiving the most relevant and actionable insights, curated and crafted by professionals tuned in to the pulse of the cybersecurity world. ISBuzz Team - your reliable compass in the fast-evolving landscape of information security
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.