The importance of securing your data - Part 1: Privacy and compliance
Cybercriminals are only getting more cunning and skilful with their cyber attacks, which is bad news for organisations when it comes to meeting privacy and compliance regulations. There can be significant legal implications for organisations if their data is not secure and regulations are not met. For instance, since the GDPR (General Data Protection Regulation) came into effect in May 2018, data protection regulators have imposed 114 million euros (approximately 97 million pound) worth of fines under the GDPR regime (GDPR Data Breach Survey 2020 by DLA Piper).
With privacy laws constantly evolving and new regulations being enforced, the consequences of not adhering to them are only going to get worse. It has never been more critical for organisations to take action and future-proof their organisation with advanced security solutions to help secure data and protect privacy.
Cisco's 2019 Data Privacy Benchmark Study found that organisations which have met GDPR have experienced less data breaches, and if those organisations were breached, the financial losses were lower because fewer records were impacted and the system downtime was shorter. Therefore, investing in data protection tools will never not be a good thing for your organisation.
Our Head of Cyber Consultancy, Mark Belgrove, discusses his predictions for future laws in the security landscape in the video below: