Data privacy is not simply compliance related, it is also a growing business concern. Clients are at risk, data is at risk, and our businesses are at risk. Regulations are constantly evolving and cyber attacks continue to threaten the integrity of our data every day. With the enactment of more than 51 state bills (just this year) related to cybersecurity, it is obvious that data privacy and protection is an ongoing concern.
What is GDPR?
Earlier this year, the General Data Protection Regulation (GDPR) was enacted affecting companies from across the globe. The law applies to any company holding data on someone who is in the EU. The person doesn’t have to be an EU citizen. The law is grey enough to make a case that anyone might have to be compliant. According to a report from SIA Partners, firms (on average) set aside between $350 and $550 per employee to implement the GDPR. With fines up to 4% of global revenue, non-compliance can be 30 to 80 times more than the cost of compliance.
To give you a picture; a company with 30 employees brings in $6 million in revenue. It costs a little over $9,000 to implement GDPR friendly policies and procedures but could cost up to $240,000 in fines if those practices were not in place.
The Far-Reaching Spread
Similar consumer data protection regulations are quickly spreading across the Atlantic. With large US data intensive companies such as Amazon, Google, and Apple willing to support a US version of a data privacy law, the little guys (SMBs) will have no choice but to follow suit. Even if you’re not currently subject specifically to GDPR, you never know when you may become subject to it or a similar upcoming regulation. Even so, assessing and monitoring your current data privacy practices is just good business.
If you’re an SMB that could be subject GDPR or are just concerned with your current data privacy practices, Kyber Security can help. On November 28 at 2 PM EST, we are holding a webinar outlining our approach to get you on the road to GDPR compliance. We will share our three part methodology and show how our expertise can help you protect yours and your client’s data. Click the button below for the link to register.
