Data breaches have made the headlines a few times in the most recent years and big names have been put on spot.
Regulators have increasingly focused on Data Security and the EU is about to approve the Network and Information Security (NIS) Directive which will have a 21month timeframe for member states’ implementation. This directive is designed to protect information systems and computing resources such as networks and databases from security incidents which may impact the supply of essential services, the operation of business and the Internet.
Why is it so important and what can Legalia do for you? We look closely at the following industry sectors and themes follow regulatory developments and market trends:
Internet – the internet-related market in the UK is estimated to be worth £82 billion a year
Cloud computing – adoption soared since 2010
“Internet of things” – many more devices and data linked to the internet
BYOD – increasing security pressures with BYOD trend (mobile phones, laptops, tablets etc.)
Enforcement – regulators are increasingly strict about ensuring adequate security provisions and are willing to issue increased fines
Cost – for a cybersecurity breach estimated between £450,000 to £850,000 for large UK businesses and £35,000 to £65,000 for smaller ones