How Much Do The Penalties Cost Of Non-Compliance With GDPR?

employee complyingThe General Data Protection Regulation (GDPR) in Europe imposes costly penalties to companies that violate the guidelines, although some companies are yet to revamp their security protocols for handling confidential information.

The concept of maintaining compliance can be challenging with the prevalence of smartphones and mobile apps at the workplace. In the U.K., insider threats pose an additional concern aside from the need to meet GDPR standards.

Costly Penalties

A company may pay up to 4 per cent of the annual global revenue per year based on the offence if they are found to have violated GDPR. As long as your company handles personal data of those within the European Union and the European Economic Area, you are required to comply with the law.

Some violations range from apps that may accidentally collect too much information, which could then be unintentionally leaked and exposed to hackers. In other cases, having poor security resources also becomes a breach of regulation. Companies should be aware that their employees could be a direct threat to non-compliance with GDPR, either they maliciously compromise the data system or be careless in handling log-in information.

Fixing Insider Risks

A simple way to reduce the likelihood of insider threats involves limited access to confidential information. The risk becomes lower if only a few individuals can handle personal information. Companies may order name badges for security personnel’s proper identification when guarding sensitive data since the physical aspect of security is just as important.

Insider threats in the U.K. may have fallen over the last 12 months, although a survey showed that companies face the greatest risk from accidental threats like an employee clicking an unverified email link.

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Even if a company has already updated its policies to meet GDPR requirements, the process of maintaining compliance becomes a challenging yet more favourable task than paying hefty fines.