From the onset, it was clear that Europe’s expansive privacy law, the GDPR, would have drastic effects on the way companies approach data security and customer privacy. Now, the first report by the European Data Protection Board, an independent oversight committee established as part of GDPR, helps us understand the overall impact thus far.
According to its first annual report, European authorities have received almost 65,000 data breach notifications in the first nine months that the law was in effect.
Even worse, these data breaches each came with a hefty price tag. Regulations imposed $63 million in regulatory fines, demonstrating the importance of cybersecurity not just as a PR priority, but also as a matter of fiscal responsibility.
The result, according to UK intelligence authorities, is that companies are taking unprecedented measures to protect their digital infrastructure, and they are crafting response plans to ensure that they prepared to address a data breach if it occurs. In summary, the future of cybersecurity will require an evolution in what is expected of businesses when it comes to protecting customer and employee data, along with continuous advancement in the capabilities of security providers.