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Attacks/Breaches

2/5/2019
03:00 PM
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Over 59K Data Breaches Reported in EU Under GDPR

In addition, 91 reported fines have been imposed since the regulation went into effect last May.

The General Data Protection Regulation (GDPR) officially went into effect across the European Union on May 25, 2018. Since then, more than 59,000 personal breaches have been reported to regulators.

New data breach notification laws have "fundamentally changed" the risk profile of businesses hit with data breaches, reports global law firm DLA Piper. Breaches likely to cause harm to individuals affected must be reported. Failure to comply can cost fines up to €10 million ($11.4 million) or up to 2% of the firm's global annual turnover for the previous financial year – whichever is higher.

In the eight months since GDPR has been applied, 91 reported fines have been imposed. Not all were for personal data breaches. The highest to date was a €50 million ($57 million) fine imposed on Google related to processing personal data for advertising without valid authorization. A German company was fined €20,000 ($22,810) for failing to hash employee passwords, which led to a security breach.

The Netherlands reported the most data breaches (15,400 incidents), followed by Germany (12,600) and the United Kingdom (10,600). Those with the lowest number of breaches reported include Lichtenstein (15), Iceland (25), and Cyprus (35). Cyberattacks reported under GDPR range from minor security breaches to major, publicized hacks affecting millions of individuals.

Read more details here.

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RyanSepe
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RyanSepe,
User Rank: Ninja
2/6/2019 | 3:07:42 PM
GDPR
It seems as if GDPR is doing well in getting companies to publically report its breaches. The question in my mind is will the imposed fines cause these companies to actually increase their security posture. In an ethics class I took long ago, their was a premise that if a fine = x per year but by not implementing the safeguard you saved x + y, then the choice from a cost perspective was obvious. An example of this was Chase bank not adhering to certain aspects of the Dodd-Frank act. They were making much more money per month by circumventing the control than regulators were imposing so the fine essentially became ineffective.
REISEN1955
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REISEN1955,
User Rank: Ninja
2/6/2019 | 2:39:31 PM
Do the math
Stand-out statistic.  Since May of 2018 (less than a year ago) there are over 59,000 data breaches reported - so that is 256 a day if you assume about 250 days since inception time.  I am well off but it is an imnpressive number on a per day basis anyway you slice it. 
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