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Companies may try to bypass GDPR fines by negotiating with cybercriminals

Europol, the EU’s policing agency, released a report on September 18 in which they warned that EU data protection laws may lead to an increase in cyber-extortion. Claim that companies may prefer to negotiate fees with hackers rather than pay GDPR fines was drawn up from responses to a survey Europol had sent out to private partners.

Europol goes on to warn that if such companies are to negotiate with cybercriminals, then they “will only fund further attacks and other criminal activity” and that the organisation at risk has no guarantee that “the attacker will not disclose or otherwise exploit information.”

Source: Companies may try to bypass GDPR fines by negotiating with cybercriminals, Europol say –

The majority of businesses are failing to comply with GDPR

Some 70% of businesses worldwide failed to address requests made from individuals seeking to obtain a copy of their personal data as required by GDPR (General Data Protection Regulation) within the one-month time limit set out in the regulations, reveals new research from Talend, a global leader in cloud data integration solutions.

Source: The majority of businesses are failing to comply with GDPR

Most businesses still failing to comply to GDPR

New research has discovered that companies around the world are still not getting GDPR basics right. Cloud data specialist, Talend, discovered that 70% of global businesses failed to fulfil personal data requests made by clients within the one-month cut-off time stipulated by new data security rules coming out of Europe.

Source: Most businesses still failing to comply to GDPR

Only 20% of companies GDPR compliant

Recent research by TrustArc highlighted that only 20% of companies surveyed believe they are GDPR compliant, while 53% are in the implementation phase and 27% have not yet started their implementation. However, it appears that companies in the rest of Europe seem to be doing better.

Source: 20% of companies report being GDPR compliant post 25th May deadline

What is the cost of a data breach?

The global average cost of a data breach is up 6.4 percent over the previous year to $3.86 million. The average cost for each lost or stolen record containing sensitive and confidential information also increased by 4.8 percent year over year to $148.These are the factors that determine the cost of a breach, along with advice for minimizing their impact.

Source: What is the cost of a data breach? | CSO Online

Many US Facebook users have changed privacy settings or taken a break

Just over half of Facebook users ages 18 and older (54%) say they have adjusted their privacy settings in the past 12 months, according to a new Pew Research Center survey. Around four-in-ten (42%) say they have taken a break from checking the platform for a period of several weeks or more, while around a quarter (26%) say they have deleted the Facebook app from their cellphone. All told, some 74% of Facebook users say they have taken at least one of these three actions in the past year.

Source: Many US Facebook users have changed privacy settings or taken a break | Pew Research Center

Organisations must improve transparency and accountability as citizens still don’t trust them with their data

The UK’s Information Commissioner is reminding organisations to be transparent with people’s personal information, after a survey revealed trust and confidence in how organisations handle personal data is still low, despite an improvement across sectors.

Source: Organisations must continue to improve transparency and accountability as ICO survey shows most UK citizens still don’t trust organisations with their data

Consumer Privacy Concerns Regarding Fintech Apps Remain High

Nearly one-third of U.S. banking consumers use online and mobile fintech apps to help manage their money. But those users are concerned about data privacy and want more control over the financial data their apps can access. The research shows consumers would trust financial institutions as custodians of their data.

Source: Fintech Apps: Consumer Privacy Concerns Remain High

Is data security a waste of money?

The study surveyed about 1,000 consumers and 660 business and cyber security professionals from over 600 companies earning at least $100 million in annual revenue across ten countries, including the US, UK, Australia, China, India and Japan. It found that 48 percent of consumers stopped trusting and using a company’s services because of a data breach.

Though company executives admitted that the breach negatively affected their bottom line, one-third of business execs from major global companies said they saw security initiatives as a negative return on investment.

Source: Data security is a waste of money, says execs whose companies suffered data breaches, Business Insider – Business Insider Singapore