General Data Protection Regulation is coming. By this time next year, the European regulation will be in full force with wide-ranging fines in the event of breaches or non-compliance, up to 4% of global annual turnover or €20 million - whichever is greater.
A recent survey commissioned by Irish IT specialists, DataSolutions, has revealed that almost one quarter (23%) of Irish organisations would be forced to close if they were found to be liable to fines under impending General Data Protection Regulation (GDPR) legislation. The survey was carried out among more than 100 senior IT decision makers on behalf of DataSolutions by TechPro magazine.
A further 10% of respondents said that if their organisation did not need to cease trading that they would have to lay off several employees in order to keep trading if found liable to GDPR fines. Another 18% said that their organisation would continue to trade, albeit at a seriously reduced rate.
Despite the serious ramifications of GDPR fines, one-fifth (20%) of organisations said that GDPR compliance is not a priority for their organisation at present.
“The results of this year’s survey outline how the changing information security environment is having a direct effect on Irish organisations. GDPR fines could have a huge impact on companies, with a significant number of those unable to pay the amounts required being forced to cease trading. To avoid fines and safeguard their futures, Irish businesses need to make achieving compliance one of their top priorities.
“As well as this, simple enhancements such as implementing two-factor authentication can dramatically improve an organisations information security standing. It’s time for organisations to realise that cyber criminals are incredibly sophisticated, and to do everything they can to stay one step ahead.”
- David Keating, security specialist, DataSolutions
Additional findings from the survey will be revealed at the company’s Secure Computing Forum, taking place on Thursday, 21st September in the Aviva Stadium, Ballsbridge, Dublin 4.