triangle

High fines due to new European privacy legislation

The European Commission is working on new data protection regulations that are expected to be implemented later this year. This will have far-reaching consequences for companies, which may face fines of up to one hundred million euros or up to 5 percent of their annual worldwide turnover if they do not protect their data optimally.

The EU has the intention to introduce this new legislation very soon. 95% of the European Parliament voted for implementation of the new data protection regulations. There is thus no doubt that this new legislation will be introduced. The question is only when. The expectation is as early as later this year, however.

Protection worryingly insufficient

In the future, each company will be required to protect the data of its customers and employees by taking appropriate security measures. Such vague language makes this legislation to be highly future-proof. Many organisations still have a long way to go before they can meet the requirements of the upcoming legislation. Research by Sophos shows that just under half (49%) of the fifteen hundred respondents are unfamiliar with their organisation’s data protection policy. This is a key element of the new legislation. Moreover, only 51% of all company laptops appear to be encrypted.

‘Stolen or lost laptops are the most common source of data leaks. Although larger organisations are aware of the upcoming legislative changes, small and medium-sized companies are often completely ignorant. ‘A baker of bicycle maker who has a laptop that includes customer data and which is also used for private use will also be covered by the new regulations. He he loses his laptop on holiday, he may also be confronted with enormous fines.’ Not only Europe, but the Dutch government also believes a high level of privacy and security is important.

Read the full article on Computable



Leave a Reply

Your email address will not be published. Required fields are marked *