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Pretty soon with the GDPR kicking in it will be more expensive to not protect the data than it is to protect it. All companies processing the personal data of
by NathanKP 9y ago
Pretty soon with the GDPR kicking in it will be more expensive to not protect the data than it is to protect it.
All companies processing the personal data of people residing in the EU regardless of the company’s location who have a breach of data where the organization has been shown to violate basic privacy design concepts can be fined 4% of annual global turnover or €20 million, whichever is greater.
It goes into enforcment in May 2018:
https://www.eugdpr.org/ https://www.eugdpr.org/
If Macie saves you just once from that giant fine it probably just paid for itself for years!
- napsterbr 9y agoHey, I'm all in for that, but how do we handle data breaches on small business where 20mil corresponds to, say, 100 years of profit? I haven't read the law but the faq does not mention the 20mil figure
- dannyw 9y agoIt’s up to.
- NathanKP 9y agoHere you go: https://www.eugdpr.org/key-changes.html https://www.eugdpr.org/key-changes.html "Under GDPR organizations in breach of GDPR can be fined up to 4% of annual global turnover or €20 Million (whichever is greater). This is the maximum fine that can be imposed for the most serious infringements e.g.not having sufficient customer consent to process data or violating the core of Privacy by Design concepts." So that 20mil or 4% (whichever is greater) is for companies that have seriously violated the GDPR. It remains to be seen how it is enforced, but my understanding is that this is purposely designed to be very punitive to force companies to have a dollar amount in mind when it comes to designing security and doing the right thing.