Away from the bit more interesting technical side of information security, there is allways the law and compliance issues. And with May 2018 aproaching, GDPR is a good topic.
General Data Protection Regulation (GDPR) is governance designed to safeguard sensitive data for all individuals and businesses based in the European Union (EU).
Once implemented in May 2018, the act will override the previous regulation installed back in 1995. It is applicable on all sovereign members, thus having an expansive scope. GDPR Compliance will guarantee consistency and transparency of personal data for all concerned.
Any organization controlling or processing data must abide by the GDPR. Companies must serve a steep cost of utilizing this classification as well.
Leading professional services firm PwC suggest that up to 68% of US based enterprises expect to spend between one and ten million dollars to comply with the GDPR. Although based abroad, any business handling EU data is also exposed to GDPR.
Failure to comply is also accompanied by precipitous costs. Penalties may tantamount to 20 million Euros or 4% of global turnover in some cases. Other estimates strongly hint that a slew of businesses will fall in the non-compliance category.
Personal data which is relevant includes basic identification, medical records, information of the cultural variety, political opinions and gender related data as well.
Security is decisive on the internet. In the past, data leakages have comprised individuals and companies alike. Under the forthcoming GDPR, if there is a breach, then the relevant authorities must be notified with immediate effect.
In the United Kingdom, this will be the Information Commissioner’s Office. Interestingly, despite the inception of Brexit, which would mean the UK exit the EU, the former are still liable to enforce GDPR. Statement whih will probably have to change depending on the ongoing Brexit activities.
The GDPR is bound to alter the landscape of data handling. The immediate need to comply with this privacy protection measure has created a sense of urgency in the region. Since there is an assemblage of stakeholders, the precedent this governance will set will not be completed swiftly.