Cyber Risks and Liabilities – GDPR rules
When the GDPR comes into force in 2018 it will have the power to impose steep fines based on a tiered system for organisations that do not comply with the regulation or provide adequate cyber protection.
GDPR Emphasises Accountability of Directors and Officers
In January , the European Commission published its draft of the EU General Data Protection Regulation (GDPR). The regulation is expected to strengthen data protection for EU citizens, set clear and modern rules for businesses, and bolster data protection legislation.
Under the new guidelines, the responsibility for reporting serious data breaches and bolstering and organisation’s cyber security -including any damages that its customers may experience as a result of a breach- may be placed upon the shoulders of the organisation’s directors and officers.
Now that organisations will be responsible for reporting data breaches for the first time, directors and officers could be held responsible if they fail to bring their organisation in line the GDPR rules.
If you would like to know more about GDPR and cyber risks download our Cyber Risks and Liabilities Newsletter.