The introduction of the General Data Protection Regulation (GDPR) has increased the potential impact of cybercrime, especially data breaches. Under the new regulation, a company that experiences a data breach may face:
Reporting obligations. A serious breach must be reported to the Information Commissioner’s Office (and/or other EU data protection authorities as applicable) as soon as it is detected – if possible, within 72 hours. The report must detail how the breach occurred, how it is being managed, and the next steps that are planned.
Potential litigation. Your clients trust you with their data, and a breach can be as serious for them as it is for you. You may find yourself on the receiving end of litigation from third parties who have suffered financial or reputational consequences.
A damaged reputation. If your company fails to comply with GDPR and your clients suffer, that’s a recipe for bad press. You can easily lose the trust of your existing clients and have difficulty attracting new ones.
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