- If you are unsure about your cyber-safety structure, then it’s time to upgrade it. Otherwise, you could be at risk of lengthy legal battles that result in hefty fines. Beyond that, the cost in terms of reputational loss could be catastrophic if not handled meticulously by professionals within a reasonable time.
- If you’re in possession of customer data, you are legally bound to protect it from cyber-attacks.
- If you’re running an enterprise that collects and stores consumer data in a digital format, then you have to implement “reasonable” measures to ensure data safety.
- If your business is U.S.-based, you have to comply with state-specific laws, as no federal privacy law is in place. And if you’re operating from the EU, you must comply with the General Data Protection Regulation (GDPR).
- If you demonstrate the highest level of compliance and have an effective response plan in place, you can reduce the number of fines and other costs.
- If your organization or system experiences a cyber-attack that leads to a data breach, you are legally bounded to notify the affected individuals as soon as possible.
- Your IT security department must be well equipped to investigate all possible aspects of a data breach, the extent of the breach and the origin of the threat. Your data protection officer must pass all relevant insights to the concerned regulator within the prescribed time.
– Ryan Shaw | January 26, 2021