Cyber Security and Risk Compliance with GDPR
$280 billion! That’s the communicative cost of all the cyber attacks on businesses that hit the EU in 2016 alone. A report by Grand Thornton has estimated that these losses were mainly a result of the damage to reputation, loss of customers, wasted time of the top management, and the loss of turnover.
In the increasingly digital world, cybersecurity and risk compliance with GDPR is a gigantic and ever-evolving challenge. EU’s General Data Protection Regulation (GDPR) nudges the companies to tackle it better.
On May 25, 2018, the EU was going to get a significant facelift for its privacy and data protection laws when the General Data Protection Regulation (GDPR) comes into full effect. This is going to be a massive development for all the businesses that either operate or handle the data of people living in the EU states. It is essential for businesses to understand the scope of GDPR. Today, companies amp up their cybersecurity as a best practice. Once the GDPR is a reality, robust cybersecurity measures will become a compliance requirement.
Securing Identifiable Information
Data is an irreplaceable asset in the digital economy of today and companies guard it with all their might, but they will have to get mightier.
GDPR requires companies to take all possible steps including technical as well as organizational to maintain the personal information integrity held by them. So, there can be no data processing without the clear consent of the individual.
This is to make sure that in case there is a cybersecurity and risk compliance with GDPR, there are enough security measures to avoid the loss of user data. Moreover, in such an event, a response plan will be in place to minimize the damage. Furthermore, the onus falls on the company to inform those impacted by the breach within 72 hours after the company discovered the breach.
Unloading Old Information
Data that doesn’t exist cannot be stolen. The new GDPR framework gives users the right to be forgotten. Companies will now have to remove data, the specifics of which are detailed in the regulation. These details touch upon issues like holding the data unlawfully, expired or ambiguous content, data related to children, and more.
Sensitive information that an online user does not want to share has to be removed. It makes sure that the hackers do not get their hands on such data and hence, do not have any incentive to breach a database.
Not Complying is Not an Option:
GDPR are not guidelines or suggestions as to how data collectors and processors should function. These are regulations that are enforceable on all the companies, based out of the EU or involved in the collection or processing of data of citizens of the EU states.
Companies will require a law to take the necessary technical and organizational security measures. They have to do a thorough assessment to ensure that they have processes in place that can safeguard the personal data, handle sensitive data, and the volume they hold.
Noncompliance can be incredibly costly. How costly? 4% of the annual global turnover or €20 million costly. This fine will not be levied only on the company that breaches the regulations. Its purview spreads to the different business linkages connected by data. Cyber Risk compliance is going to be one of the most important discussions in board meetings for all of 2018.
A Response to the Modern Threats
In the times when cyber risk compliance and data breaches have become increasingly common, riskier and more damaging, GDPR is undoubtedly a welcome move. It will push all businesses to focus on data collection, processing, and management. With companies opting for more sophisticated safety tools, it will become difficult for hackers to con the system. At least, that’s what we expect from the GDPR.
Hopefully, it will.