“ The nature of the Bill is to simplify the UK ’ s data protection framework , yet , in reality , for businesses operating outside of the UK , it will cause more complexity and more confusion ”
CYBERSECURITY
GDPR regulations Part of the 2018 GDPR regulations require businesses to report a data breach within 72 hours . Failure to notify a breach when required to do so can result in a significant fine of up to £ 8.7mn or 2 % of your global turnover . Rather concerningly , though , in the finance , credit and insurance sector , it ’ s taking over 72 hours to report 37 % of their data breaches , leaving the sector vulnerable to large fines .
Christine Sabino , Legal Director at Hayes Connor , says : “ What ’ s concerning is the public puts a lot of trust in industries such as the health , government , and education sectors , with the expectation that their data is going to be handled securely .
“ With so many of these data breaches being caused by human error , it ’ s very clear that these industries are in dire need of datahandling training , at the very least .”
The Data Privacy Bill UK Ministers are currently considering a new Data Protection and Digital Information Bill . The Bill is intended to update and simplify the UK ’ s data protection framework with a view to reducing burdens on organisations , providing them with greater flexibility on how to comply with certain aspects of the data protection legislation and improving the clarity of the framework .
While the new initiative has been created to simplify data privacy and make data more accessible , many businesses have voiced their concerns about the challenges the bill poses for organisations . Life Science Law ’ s Wendy Lloyd-Goodwin , a solicitor with more than 20 years ’ experience in the sector , says : “ One of the key challenges with the proposed Bill is ensuring the right safeguards are in place so that data is protected . The Bill aims to lower safeguards governing
“ The nature of the Bill is to simplify the UK ’ s data protection framework , yet , in reality , for businesses operating outside of the UK , it will cause more complexity and more confusion ”
WENDY LLOYD-GOODWIN LIFE SCIENCE LAW
The worst affected sectors for data breaches
1 . Health 19 %
2 . Education & Childcare 14 %
3 . Retail & Manufacture 9 % 4 . Local Government 9 %
5 . Finance , Insurance & Credit 9 %
6 . Legal 8 % 7 . General Business 7 % 8 . Charitable & Voluntary 5 % 9 . Central Government 4 %
10 . Land or Property Services 4 % cybermagazine . com 41