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.
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One of the hottest topics in the business world these days is the General Data Protection Regulation (GDPR), the European Union’s endeavor to create a unified framework that governs how data collectors and processors safeguard the privacy of their users and build walls that cybercriminals can’t penetrate.
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.
Not-for-profit Cottage Health System has agreed to pay the state of California $2 million for suffering multiple data breaches between 2013 and 2015. Taking a leaf from the EU’s playbook, the state of California is demanding that the healthcare institution appoint a Chief Privacy Officer – the equivalent of a Data Protection Officer stipulated by European law.