Upcoming regulation affecting companies that hold client data – the GRDP

Upcoming regulation affecting companies that hold client data – the GRDP

General Data Protection Regulation (GDPR): The clock is ticking

GDPR2017 will, for a number of reasons, be a very significant year globally for cybersecurity and data breaches as the issues emerging in 2016 develop, and the impact of major legal changes are felt, bringing about major regulatory changes for all firms holding client data. There are a number of trends emerging which, to some extent, compete and companies will need to be alert and careful to ensure that they successfully navigate the privacy and security landscape in the different jurisdictions in which they operate.

The cost of a breach can be huge, often reaching millions of Euros. Cyber-attacks can hit any industry or location. At a time when a breach is an increasing threat, those in charge of cyber security are faced with a challenging task: They must defend their organisation from a constant barrage of attackers at the same time remaining one step ahead of criminals.

The proposed new EU data protection regime extends the scope of the EU data protection law to all foreign companies processing data of EU residents. It provides for a harmonization of the data protection regulations throughout the EU, thereby making it easier for non-European companies to comply with these regulations; however, this comes at the cost of a strict data protection compliance regime with severe penalties of up to 4% of worldwide turnover. The Parliament’s version contains increased fines up to 5%. After trilogue negotiations between the European Parliament, the European Commission and the Council of Ministers, there is general consensus on the wording of the GDPR and also the financial penalties for non-compliance

Companies operating in the EU have one year to become compliant to incoming data protection regulation. The update to general data protection regulation (GDPR) is set to come into force in 2018. Companies that operate within the EU now need to take extra precautions to ensure the safety of their data, or face a fine of up to 4% of global turnover. Compliance is a complex task for many firms. With this in mind, The seminar will have a dedicated section focusing on the new legislation and what it means to your organisation. The sessions aim to provide insight and advice to help your company put the right procedures in place, ensuring the safety and accountability of valuable business IP.

The EIMF is organising a specalised workshop to address the issues raised above, and to also provide participants with all the tools necessary to protect themselves against all Cyber threats. For more information and to register online please visit here.