August 1, 2019
In the last few months, the UK’s ICO (Information Commissioner Office) has handed out its biggest fines yet failing to meet GDPR compliance regulations. Data security is vitally important for business today, but it seems some companies remain not fully prepared.
Research by the law firm RPC, found that whistleblower reports to the ICO regarding a lack of GDPR compliance increased significantly in the last year. Attitudes have shifted and not only are more people recognizing the importance of proper data protection, they are also more prepared to report failures to comply. The number of reports to the ICO increased by a remarkable 175 percent – jumping from 138 in 12 months to May 2018 to some 379 a year later.
That change of attitude is only going to increase, especially now that the ICO has handed out its first major fines. For a lack of GDPR compliance, the ICO fined British Airways £180m ($230m) while the Marriot hotel group were hit to the tune of £100m ($123m). If any proof were needed of the seriousness and cost of a GDPR breach, these two decisions by the ICO provide firm evidence.
Improved data security needs to be a priority for businesses and requires the full attention of the c-suite level of management. Getting it wrong can have serious consequences.
Research into how many companies have their GDPR compliance under control reveals some surprising figures. One survey by tax and consulting firm RSM, suggested it’s not as high as you might suppose – with some 30 percent of the European firms polled believing their business was not fully compliant with the regulations. Others were unsure and only a little more than half thought their infrastructure would comply.
Perhaps that will change in the coming months now the potential consequences of a lack of compliance are starting to be demonstrated.
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May 20, 2015