Whether you're in GDPR panic or off to Google to look up what this 'GDPR' thing you keep hearing about is, there are a few key things to bear in mind. In fact, here's a list!
The PCI Standards Security Council has calculated that, if data breaches remain at 2015 levels, the UK could see a nearly 90-fold increase in the value of fines, from £1.4bn in 2015 to £122bn, based on the maximum fine. 74% of small organisations (fewer than 250 employees) in the UK reported suffering a security breach in 2015, leading to an average fine of £225. This average could grow to £13,000 under the new regime. The picture is even bleaker for larger firms: 90% of large organisations reported suffering a security breach in 2015, with an average regulatory fine of £85,000. This average could grow to £11m under the new rules – a 132-fold increase.