You’ve probably heard – the EU has this regulation going live on 25 May 2018 (that’s how they’d write the date format anyway). The GPDR is an extension of an existing law, the UK Data Protection Act of 1995. Are you – company outside of the EU – affected? Probably.
A data breach will cost a business $4 million on average, according to a 2016 study from IBM. Large organizations have more to lose; Yahoo’s sale price was reduced by $350 million after being hit by the largest breach in history.
US companies are now scrambling to meet the stringent data privacy rules required by the EU General Data Protection Regulation (GDPR) when it is introduced in 2018. Businesses that fail to comply with GDPR’s broad rules will face a potentially massive fine: four percent of global revenue, which could equal tens of millions of dollars.
There may never be a better case for US companies to fortify their cyber security. Security has jumped to the top of manufacturers’ priorities but barely half of IT professionals are confident in the security of their supply chain.
Interestingly, this was written early in 2017, far prior to the Equifax problem concern.