59K Data Breaches Reported But Only 91 Fines Imposed Since GDPR

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In response to the new 2018 breach report from cybersecurity watchdogs with DLA Piper that European companies experience 60,000 data breaches in last 8 months.

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.”

Ryan Tully, Vice President, Product Strategy at STEALTHbits Technologies:

“These fines and breaches are an excellent indicator of how seriously Europeans take their data privacy, and how seriously the rest of the world should as well. These fines will only be the start – other countries and states are discovering their own regulations to match the basic guidelines laid out by EU’s GDPR. It’s encouraged that all organizations, large and small, take whatever steps they can to comply with GDPR regardless of whether they interface with European Union citizens; not only to comply with best practices user data handling but to also prepare for a future where user and data privacy becomes global.”

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