By LeVar Battle, Webroot
At Webroot, we stay ahead of cybersecurity trends in order to keep our customers up-to-date and secure. As the end of the year approaches, our team of experts has gathered their top cybersecurity predictions for 2019. What threats and changes should you brace for?
“A large US-based tech company will get hammered by the new GDPR fines.” – Megan Shields, Webroot Associate General Counsel
When the General Data Protection Regulation (GDPR) became law in the EU last May, many businesses scrambled to implement the required privacy protections. In anticipation of this challenge for businesses, it seemed as though the Data Protection Authorities (the governing organizations overseeing GDPR compliance) were giving them time to adjust to the new regulations. However, it appears that time has passed. European Data Protection Supervisor Giovanni Buttarelli spoke with Reuters in October and said the time for issuing penalizations is near. With GDPR privacy protection responsibilities now incumbent upon large tech companies with millions—if not billions—of users, as well as small to medium-sized businesses, noncompliance could mean huge penalties.
GDPR fines will depend on the specifics of each infringement, but companies could face damages of up to 4% of their worldwide annual turnover, or up to 20 million Euros, whichever is greater. For example, if the GDPR had been in place during the 2013 Yahoo breach affecting 3 billion users, Yahoo could have faced anywhere from $80 million to $160 million in fines. It’s also important to note that Buttarelli specifically mentions the potential for bans on processing personal data, at Data Protection Authorities’ discretion, which would effectively suspend a company’s data flows inside the EU.