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GDPR Fines On The Rise

Since the introduction of the European Union’s General Data Protection Regulation (GDPR) in May of 2018, they have handed out $330.5 million in fines with $192 million in the past year alone. As the GDPR regulation grows in maturity, regulators are growing tougher with their fines. Breach notifications are on the rise, as they have increased 19 percent over the past 12 months. Germany leads the way with 66,527 breach notifications and Italy has had the least with 3,460. Germany, France, and Italy are the top 3 countries that have imposed fines, with a combined $234 million since GDPR was enacted.

With the impact of COVID-19, organizations have been fortunate to have their fines drop significantly with the promise to improve their security posture. Marriott saw their fine reduced to $25 million from the original $123 million during a breach that lasted over 4 years and resulted in the compromise of 339 million guest’s information. British Airways saw their fine reduced to $27 million from the original $230 million as a result of personal data of over 400 thousand customers being stolen when their website redirected to a fraudulent one which collected personal details of customers. This went undetected for over 2 months. The pandemic has provided temporary relief on some fines, but this isn’t permanent. Organizations need to ensure they are following GDPR regulations or it is going to cost them in large-scale fines.

The 4 potential sources of privacy protection are markets, technology, self or co-regulation, and law. GDPR has taken the traditional approach of law to enforce privacy and data protection. With GDPR fines only increasing and being strictly enforced, it does show that laws do not necessarily mean the result will be increased privacy and security. The best piece of advice for organizations having to follow GDPR guidelines is to err on the side of caution, as fines and cumulative damage claims are only going to rise. As GDPR matures and evolves, there may be new, stricter regulations released in the future.

Filed Under: Advisory, Compliance, Financial, General

nGuard Reports Strong Increase in Cyber Security Services

Today, nGuard reported very strong growth in cyber security assessment and penetration testing services.  For FY2019 Q1, nGuard achieved a 9.3% increase in services year-over-year, from that of the comparable period.  For FY2019 Q2, nGuard achieved a 35% increase year-over-year, from that of the comparable period.

“The first half of FY2019 was extraordinarily strong for nGuard”, reported Jim Brown, Managing Partner with nGuard.  “nGuard is experiencing increasing demand for all of our services, but the increased demand for assessment & penetration testing services is especially notable.”

About nGuard Corporation

nGuard is a leading provider of expert security assessments, managed security services, security incident response and other advanced security services to organizations across North America & around the world.  nGuard’s relentless focus on securing clients, as well as their unmatched security expertise, has helped them become one of the most sought-after security firms in North America.

For more information, please visit:  www.nguard.com

Filed Under: Financial, General

nGuard

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