59K Breaches Reported But Only 91 Fines Imposed Since GDPR

Experts Commented below:

Byron Rashed, VP of Marketing at Centripetal Networks:

“It’s no surprise the amount of data breaches that are now reported. Before GDPR, it may not have been reputationally feasible to report data breaches. However, with GDPR, it’s mandatory. Whenever a regulation is enacted, it requires a large amount of internal and external resources as well as capital investment to ensure compliance. Many organizations in the EU were not investing in the proper cybersecurity practices.

“In many cases where compliance is a factor, the cost of fines would have to outweigh the capital investment needed to ensure compliance. An organization can spend several hundred thousand Euros to prepare and maintain compliance. If the fine is only 10,000 Euros, it’s actually cost beneficial to take the fine and remediate the breach.

“The bottom line here is that many organizations were not prepared for GDPR and fell short in compliance.”

To read more, please visit information security buzz

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