3. Massive data security fines get closer
Every month there seems to be another story of data leaks or hacking. Or both. Aside from damage to reputation, it is sometimes cheaper for a business to suffer a data breach than to introduce properly secure systems. But with new, increased data breach fines jumping to up to €100m (or five per cent of global turnover under the new EU Data Protection Regulation) data security is likely to jump up the priority list for budget expenditure.
There will be other changes too, for example, organisations will need to appoint a data protection officer, they will need to actually notify the authorities where there has been a data security breach notification. And of course, there is the infamous “right to be forgotten”.
Recent surveys have shown that, other than this new right to be forgotten, businesses are not aware of, or not prepared for, the new law. The new President of the European Commission, Jean-Claude Juncker, gave June 2015 as the deadline to conclude negotiations for the regulation, as well as the review of the Safe Harbour arrangement with the US.
But progress is slow, with a Euro MP recently complaining that the UK, France and Germany are holding up proceedings.
The regulation is not the answer to Prism but it is an attempt to update EU data protection laws for modern uses of data particularly in relation to mobile, cloud, Big Data and the IoT. While it seems unlikely the new regulation will actually become law in 2015, we can expect it to start taking final form.
Even if the UK votes to leave the EU following the general election later this year, we will still be subject to the regulation if we are to continue trading with the remaining EU members. So, 2015 is a good year to get your data security house in order.
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Part 1: Microsoft vs US.gov
Part 5: Cloud standards get closer
This post first appeared on The Channel | The Register as Microsoft vs US.gov, Internet of Stuff, Big Data: Some of 2015’s legal cloudy issues
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