This past year was marked by ever more significant data breaches, growing cybersecurity regulatory requirements at the state and federal levels and continued challenges in harmonizing international privacy and cybersecurity regulations. We expect each of these trends to continue in 2018.
As we begin this New Year, here is list of the top 10 privacy and cybersecurity issues for 2018:
1. EU GDPR
The May 25, 2018 effective date for the EU’s General Data Protection Regulation (GDPR) will no doubt be a central focus of 2018. Europe’s omnibus new framework for data protection law applies to (almost) all entities that collect and process EU personal data regardless of where the data are processed. The GDPR expands the rights of EU individuals and the obligations placed on organizations. Companies around the world will also be watching how EU data protection authorities staff up, interpret the new GDPR and respond to the inevitable court challenges that will follow.
A key component of the GDPR to watch is how the EU regulators use their new penalty regime. Entities found to be in breach of GDPR could be fined up to 4 percent of annual global turnover or €20 Million (whichever is greater). Smaller infringements, such as an organization’s failure to have their records in order, could result in fines of up to 2 percent of annual global turnover or €10 million (whichever is greater). Whether the EU regulators will have the resources to launch, investigate and prosecute such significant enforcement actions remains to be seen – along with the degree of consistency, transparency, reasonableness and due process that the regulators bring to bear.
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