Economy

Trend Micro says C-level executives are not prepared for GDPR

Trend Micro says C-level executives are not prepared for GDPR”

Business leaders are brimming with confidence about their ability to comply with the fast approaching General Data Protection Regulation (GDPR) and Notifiable Data Breaches Act, but their self-assurance may be misplaced, suggests a survey.

In fact, these British businesses appear to be facing an uphill struggle to achieve GDPR compliance, with many left managing end users' personal data across 24 different systems and a network of 48 other companies on average. "It also doesn't define what "reasonable" means in terms of the required level of personal data protection, which gives the GDPR governing body wide latitude when it comes to assessing fines for noncompliance", commented Mark Thomas, author of ISACA's GDPR paper. While 79% of businesses are confident that their data is as secure as it can be, there is confusion over what constitutes the personally identifiable information that will need to be protected under GDPR. Businesses that are unprepared for the new regulations risk potentially catastrophic fines for non-compliance of up to €20 million, or 4% of their global turnover, whichever is higher.

During a presentation titled "Preparing Customers for a Harsh GDPR Reality", at Channel Partners Evolution, Sept. 25-28, in Austin, Texas, Gary Southwell, CSPi's vice president and general manager, products division, will tell partners how to help their clients with GDPR compliance.

On average, large United Kingdom businesses that responded to the survey collect personal data from 577 individuals each day. The study found that 21% of respondents use more than 40 systems to manage and store personal data - nearly double the national average - with 47% saying they share this information with other organisations.

"These attitudes are especially alarming considering businesses could be shut down in the event of a breach", Trend Micro said. Additionally, 66% of businesses believe reputation and brand equity damage is the biggest pitfall in the event of a breach, with 46% of respondents claiming this would have the largest affect amongst existing customers. One in ten feared that new business prospects would be affected, while two fifths of businesses believe the fine would have the most impact.

But the confusion doesn't stop there. Second, EU residents have the right to access all the data held about them at any time and also to request their data is removed at any time. Only 14 percent could correctly identify that the loss of data is the responsibility of both parties - 51 percent believing the fine goes to the European Union data owner, while 24 percent think the U.S. service provider is at fault.

Meanwhile, 65 percent have the IT department taking the lead, while only 22 percent have a board level or management member involved.

"If organizations don't take the regulation seriously, they could be subject to a fine that's a significant portion of global revenue. The task for the C-Suite now is to see GDPR as a business issue rather than a security issue, before it gets to that stage", said Ferguson.

As a result, CIF has updated its Code of Practice for CSPs to ensure they're compliant with the stricter data protection rules, which hand European Union residents more control over their personal data and require organisations holding or processing the data to be transparent about what they're using it for.

GDPR mandates that businesses must implement state-of-the-art technologies relative to the risks faced.

Despite this, only 34% of businesses have implemented advanced capabilities to identify intruders, 33% have invested in data leak prevention technology and 31% have employed encryption technologies.



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