It’s no secret that data security is changing how companies conduct business, and the European Union’s General Data Protection Regulation (GDPR) is an important law to know.
Implemented in 2018, it ensures consumers’ personal data is protected by companies, and establishes conditions for this information’s processing—such as improved transparency, legitimate purpose, and proportionality.
The law gives individuals greater control over their data, and holds companies more accountable for its collection and use. Despite its EU origins, U.S. businesses are not exempt, especially those marketing to consumers overseas. Non-compliance can result in extremely hefty fines—totalling as much as 4 percent of a company's revenue, in some instances—which for many, would be catastrophic.
Tech giant Google, for example, was fined $57 million under the GDPR in 2019 for failing to disclose how it collected users’ personal data.
Maybe your organization is not one of the world's largest search engines, but more and more governments around the world are implementing stronger and stronger regulations mandating the security of customers’ private data by the companies utilizing it.
To put in context just how valuable such information is, and how vital its protection has become, Dean Armstrong QC, a leading cyberlaw attorney and co-author of “Cyber Security: Law and Practice,” told The Telegraph that data is now a “commodity as important as oil,” and how it is utilized can “make or break” the companies collecting it, as well as their reputations.
It’s therefore critical companies be aware of related mandates and how to properly safeguard personal data from hackers and potential breaches. Understanding GDPR and all the associated regulations regarding data security can be arduous, but it doesn’t have to be. Incorporating a multidisciplinary strategy that employs best practices in cybersecurity and GDPR compliance can help mitigate the risks of potential threats and simultaneously keep the sensitive information of your company and clients protected—a win-win for all.
The GDPR applies to any company that uses data to market to, or track the online behavior of, EU citizens. As aforementioned, the physical location of your organization does not exempt you from the GDPR’s requirements.
GDPR covers the following types of data: personally identifiable information (PII), web-based data, health (Health Insurance Portability and Accountability Act, or HIPAA) and genetic data, biometric data, racial and ethnic data, political opinions, and sexual orientation.
How to Navigate the GDPR: Trust the Experts
Working with a company that keeps GDPR compliance and best cybersecurity practices top priorities can help answer the tough questions regarding your company’s compliance obligations. This can also help ensure the right measures are in place—such as endpoint protection solutions—to detect, block, and remediate the effects of malware infiltration.
As companies learn whether the General Data Protection Regulation applies to them, they quickly recognize this process is not without its challenges, Among other directives: thoroughly understanding, reporting, and responding to data breaches within 72 hours of awareness; appointing a compliance officer to help manage and monitor data; and modifying existing business practices to the new laws.
Research center the Ponemon Institute's 2019 study "Keeping Pace in the GDPR Race: A Global View of Progress in the United States, Europe, China and Japan" surveyed 1,263 organizations in the United States, Europe, China, and Japan to find out how they fared after one year under the GDPR. The findings were cumulative, and some, surprising. One-quarter of respondents described their readiness and confidence to a GDPR data breach as very low. Nearly 50 percent of participants experienced at least one personal data breach under the GDPR, and only 18 percent of organizations were confident in their ability to communicate a data breach within the mandated 72 hours.
GDPR efforts of Chinese and Japanese respondents’ trailied their Western counterparts by a whopping 10 percent.
In today’s digital ecosystem, where global data growth is expected to explode to 175 zettabytes by 2025, organizations need to be mindful of data protection and privacy laws—or suffer the consequences.
The best way to help ensure compliance with GDPR and other regulations in the ever-evolving world of cyber threats is to enlist an experienced cybersecurity firm staffed with a team of experts dedicated to keeping your company and clients’ data safe and secure.
Cybersafe Solutions: Your Compliance & Threat Mitigation Expert
Prevention
We employ next-generation antivirus software and continuous endpoint monitoring to mitigate threats, through expeditious identification, response and containment—before they become full-blown breaches.
Transparency
Whether vulnerability scanning, intrusion detection, asset discovery, behavioral monitoring, security information and event management (SIEM), or asset discovery, our skilled and highly trained team of cybersecurity professionals go above and beyond when it comes to safeguarding your data and reporting compliance.
Remediation
Our Security Operations Center (SOC) provides 24/7/365 coverage and real-time responsiveness to isolate, contain, and mitigate threats, and return your systems or devices back to normal.
Advanced, Continuous Monitoring
We are proactive in cyber threat mitigation and guidance—educating your team on cybersecurity best practices to better prepare them, and minimize risks.
