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Briefing
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- Higher fines – New data protection laws called General Data Protection Regulation (GDPR) will introduce fines up to €20 million or 4% of annual worldwide turnover, whichever is greater, for major breaches and up to €10 million or 2% of global annual turnover for less serious incidents
- Exponential growth in penalties – UK companies could collectively pay £122 billion overall in 2018, 90-fold rise from estimated £1.4 billion in fines for data breaches in 2015
- Regulatory compliance – PCI Security Standards Council urges companies to set standards and procedures to detect, prevent and counter cyberattacks in view of rising regulatory fines
- Widespread data breach – In 2015, 90% of large organizations and 74% of SMEs in UK reported a security breach
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