We’ve all known for years now how important it is to manage and secure our company’s data to protect both consumers and ourselves. Still, hardly a week goes by without reports of cyberattacks and data leaks at organizations both large and small. According to Verizon’s 2018 Data Breach Investigations Report, 2017 saw more than 2,200 confirmed data breaches. That translates to a lot of lost data, lost trust, and lost revenue. In an effort to bolster data protection and increase its citizens’ ability to control their personal information, the European Union (EU) has developed the General Data Protection Regulation (GDPR).
If you’re not quite up to speed yet with what the GDPR is all about, here’s a brief overview—along with some handy insights into how it will impact the future of cybersecurity for your business.
What is the GDPR?
Set to take full effect on May 25th, 2018, the GDPR establishes new data security rules for organizations that operate within the EU—whether they directly sell goods or services, collect and analyze personal data, or work with organizations that do either.
Under the GDPR’s guidelines, citizens of EU member states will be able to access, correct, and erase their personal data whenever they’d like. They’ll also be able to keep their data from being processed in any situation they don’t like.
The GDPR also imposes strict requirements on data collectors and processors—including companies, government agencies, non-profits, and other organizations. These organizations will be required to appropriately secure all personal data and notify authorities within 72 hours if a breach or leak occurs. They’ll also be expected to, among other things, obtain consent for the processing of personal data, provide clear notices when personal data is being collected (no more hiding in the small print), and hire and train data privacy and security personnel.
How will the GDPR impact cybersecurity?
In essence, the GDPR is the future of cybersecurity. The threat of hackers surreptitiously accessing and commandeering personally identifiable information is evolving at break-neck speed. The GDPR forces organizations to evolve their data protection practices just as fast.
From encryption and pseudonymisation to completely redesigned information and communication technology (ICT) systems, organizations that hope to remain GDPR-compliant will have to pay a lot more attention to how they secure personal data. What’s more, they’ll also be required to show that the data they collect is being handled appropriately.
What does this mean for you?
No matter the size of your business, if you provide goods and services to residents of EU states, or if you collect and analyze their personal data, the GDPR applies to you. Failure to maintain compliance with GDPR standards could result in hefty fines—in some cases up to 4% of annual global sales. Worse still is the negative impact that non-compliance might have on your reputation—especially if it results in the loss of your customers’ personal data.
To avoid these setbacks, you need a comprehensive cybersecurity plan. We can help. Contact eMazzanti today, and learn how we can help you bolster your data management strategy and stay compliant in the fast-changing cybersecurity landscape.