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|EU data protection law is passed|
|Friday, 15 April 2016|
Today, the European Parliament passed the final vote for the new General Data Protection Regulation (GDPR). These approved new data protection rules will strengthen online privacy, streamline legislation between the 28 member states and boost police and security cooperation. Notably, the regulation includes tougher penalties for companies in breach of EU data protection law, with fines of up to 4% of global turnover, and a requirement for companies to disclose personal data breaches within 72 hours.
Alex Cruz Farmer, VP of cloud at NSFOCUS IB, said: "This is a great step towards the regulation of data loss, creating a penalty for businesses who choose to not invest in proper security. As we have seen through the first half of 2016, significant data breaches have impacted over 100 million people worldwide, including affecting governments. The Netherlands set the standard by enforcing fines to businesses who were victim to data breaches and, with this now being a standard for the entire EU, will make businesses finally consider the real cost and impact of their decision to not put security as their number one consideration around their IT and Data strategy"
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