Only three months short of its first year anniversary on May 28, it’s time to take a look at EU’s GDPR by numbers. Enforced to protect European users from unethical and illegal commercial practices, the internet privacy law has so far led to three major fines for privacy infringement.
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EU data protection legislation aims to give users more control over their personal data, and threatens companies with fines for collecting data without user consent and for data breaches. Countless companies have been struggling to become GDPR compliant, but it seems major tech players may not have taken it seriously. After Facebook and Google drew criticism for violating EU’s data protection law, it is now Microsoft’s turn to take the heat.
With speech recognition and voice-activated personal assistants slowly making their move into the corporate world, companies will have to adjust their security and digital strategies, infrastructure and customer interactions.
2018 appears to be the year of regulatory compliance, threatening to hinder all IT initiatives and projects. Whether it’s The Payment Card Industry Data Security Standard (PCI DSS), the banking sector’s PSD2 (Revised Payment Service Directive), NIST for federal agencies or the EU’s boogey-man - Global Data Protection Regulation (GDPR), organizations worldwide are struggling to meet all industry-specific guidelines and recommendations to avoid substantial fines following an incident.
About a year ago, Europe’s largest electrical and telecommunications retailer was hacked, compromising 5.9 million customer cards and 1.2 million personal records. Dixons Carphone claimed it had been unaware of the breach until recently, so no information had been held back from their customers or regulatory bodies.
The deadline for full compliance with the European data protection law is right around the corner, but businesses still lack awareness and must overcome many security oversights. Surprisingly, as few as 38 percent of companies in the UK have actually heard of GDPR, according to a government survey. If businesses are not prepared by May 25, when the law takes full effect, they could face fines worth up to €20 million.
We’re on the verge of a complete transformation of healthcare, as traditional telecare is about to be dethroned by connected care, according to a research report from Berg Insight. As telecare applications and devices collect and store large amounts of data concerning patients’ health, physical location and daily movement, companies in this segment will have to deal with the challenges of the General Data Protection Regulation (GDPR).