The European Union (EU) General Data Protection Regulation (GDPR) will go into force in May 2018. This is a comprehensive change to data protection regulations in the EU, but it will also require foreign companies that collect data on EU citizens to comply with its provisions. The GDPR establishes requirements in many areas that go beyond existing regulations or the security practices of U.S. companies. The greatest potential impact on U.S. companies and cybersecurity personnel is the schedule of penalties that can be imposed for data breaches or other failures to comply with the GDPR. Fines of up to $24 million or 4% of worldwide annual turnover for the year of the infraction can be levied against a company. This creates a possible opportunity for hackers that breach the data holdings of a major corporation. They can threaten to expose the breach, which would trigger huge fines unless the hackers are paid a substantial ransom to keep quiet...READ MORE
Wapack Labs has cataloged and reported on data protection regulations in the past. An archive of related reporting can be found in the Red Sky Alliance portal.
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