Since the introduction of GDPR, the potential impact of cybercrime and in particular, data breach has heightened. Below are some of the common losses that companies now face:
First-Party Costs and Third-Party Litigation – Where companies experience a serious data breach, they must, without undue delay and where feasible, no later than 72 hours after becoming aware of it, inform the Information Commissioner’s Office or, if appropriate, other EU data protection authorities. They have to give details of how the breach occurred, how it is being managed and what the next planned steps are. Data breaches may negatively impact individuals and lead to third-party litigation seeking compensation or damages.
Reputational Damage – Companies that fail to comply with GDPR and misuse personal data may find themselves gaining bad press across the media. The resulting negativity could significantly impact a company’s reputation. GDPR may also lead to claims against companies and individuals for negligence or wrongful acts.
Guardian IT Consultancy can help your business proactively with our advanced security solutions, we also provide staff training around GDPR giving your team a better understanding and knowledge of what GDPR is and how we can all work together to prevent data loss or breaches.