According to a UK government 2015 information security breaches survey, 90% of large organisations and 74% of SMEs reported a security breach, leading to an estimated total of £1.4bn in regulatory fines.
In 2018, the European Union’s General Data Protection Regulation (GDPR) will introduce fines for groups of companies of to €20m or 4% of annual worldwide turnover, whichever is greater – far exceeding the current maximum of £500,000.
This means that if data breaches remain at 2015 levels, the fines paid to the European regulator could see a near 90-fold increase, from £1.4bn in 2015 to £122bn, the PCI SSC calculated, based on the maximum fine of 4% of global turnover.
As a side comment, with recent security and data breaches in organisations such as Google, the National Lottery, Deutsche Telekom, Three Mobile, Tesco Mobile and across several other leading organisations and websites, Identity and Security continues to be the number one IT Priority.
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