The Latest / Data Security News
November 6, 2018
Data breach fines have doubled in value in the UK since the introduction of GDPR according to new evidence. American organizations operating in the market should be aware, with Equifax and Facebook among those given bigger fines.
The data breach fines delivered by the Information Commissioners Office (ICO) in the UK came to a total of just under £5 million ($6.35 million) for the year up to 30th September. That’s according to new evidence and research bought forward by the law firm RPC.
That’s a rise of 24 percent from last year. Markedly, the individual size of fines bought against companies when they break the rules, now laid out by GDPR, have doubled. The average fine is now £146,000 ($186,000).
The likes of Equifax and Facebook have been on the end of some of the maximum fines the ICO has been able to deliver out, at £500,000 ($635,000).
The increased fines are sending a clear message to organizations of all sizes and from all countries operating within GDPR markets. The punishment for breaking the rules, failing to protect customer data, and not reporting data breaches in timely fashion will result in bigger monetary fines than ever before.
At this point, it shouldn’t take such fines to kick organizations into gear to sort out their cyber security, there have been enough warnings, but it can’t hurt. Cyber security incidents cause all kinds of issues for organizations in damaged reputation, opportunity lost, downtime and recovery costs. Most who suffer a breach then have to spend on improving their cyber security. The smart thing to do is pre-emptively do that extra spending now.
Here at Global Data Sentinel, we help organizations create security ecosystems that help them best cope with the demands and challenges of today’s cyber security threats. We use strong identity management combined with the best in encryption technology to create organizations a network and system that takes absolutely no chances with their data or the data of their customers. Find out more.