Last week, European Union (EU) politicians voted in favour of passing the EU General Data Protection Regulation (GDPR). The regulation means that organisations could now face massive fines for breaching the new law.
The regulation will enter into force 20 days after its publication in the EU Official Journal and then enforced in 2018, which means that organisations have two years to fully comply with the new regulations.
The new regulation will replace the EU data protection directive which was created back in 1995 when the internet was just being introduced to the general public. With the rapid pace of change since then, that law is behind the times. The new law is aimed at making organisations take the matter of protecting data in the internet age seriously and to encourage them to take effective steps to improve their cyber security.
How will it affect organisations?
Under the new law, the loss of data via accidental means or as a result of a security breach will cost organisations. Those that do not comply with the new regulations are now likely to face fines that could be the equivalent of up to 4% of their global revenue for the preceding year. The standard fine will now be £15.8 million.
Currently in the UK, the most an organisation has to pay is £500,000.
Organisations will now also have to appoint a data protection officer if it handles a large amount of sensitive data. They will have also had to have an auditable means of keeping track of the data and if a breach is suffered must notify the authorities within a 72 hour period. The failure to do so will result in hefty fines.
How Can PGI Help You Prepare?
Is your organisation prepared for the new EU legislation? If you need advice on how to get your business ready contact the experts at PGI.
PGI will be able to support in a number of ways:
• Risk assessment is key to the new standard. PGI are experts in Information Risk Management and can help clients through the entire process of identifying critical assets, performing risk assessments taking into account actual threats and vulnerabilities, and proposing risk mitigation plans
• For those carrying the highest risks, we can assist with the implementation of an integrated information Security Management System (ISMS) – meeting the requirements of a number of framework standards, including Cyber Essentials, ISO 27001, IASME, COBIT, etc.
• PGI can also provide pen testing / vulnerability assessments to identify and remediate vulnerabilities to reduce the risk of compromise in the first instance so an organisation won’t have to report a breach.