After years of political squabble and delays, Brexit day finally arrived on 31 January 2020. But what does it mean when we talk about the UK’s withdrawal from the EU and how will data protection regulation and compliance change?
There will be little change during the transition (also known as “implementation”) period that is expected to end on 31 December 2020. During this period, EU law will continue to apply in the UK, including the EU General Data Protection Regulation (GDPR), after which the GDPR will be converted into UK law.Read More
By Cameron Abbott and Rebecca Murray
U.K. businesses could face up to £122 billion in penalties for data breaches when EU legislation comes into effect in 2018, according the Payment Card Industry Security Standards Council (PCI SSC). The EU’s General Data Protection Regulation (GDPR) will introduce fines for groups of companies of to €20 million or 4% of annual worldwide turnover, significantly higher than 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 £1.4 billion in 2015 to £122 billion, the PCI SSC calculated. For large U.K. organisations, this could see regulatory fines for data breaches soar to £70 billion, more than a 130-fold increase, rising to an average of £11 million per organisation. Regulatory fines for SMEs could see a 57-fold increase, rising to £52 billion, averaging £13,000 per SME. Read more at ComputerWeekly.com by clicking here.