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Compliance Briefing: Malta lays out the financial consequences of GDPR breaches

TAGs: Compliance Briefing, Malta

Conference takes place on 27th June 2017 in St Julian’s Malta

The EU’s new General Data Protection Regulatory framework comes into force next spring and is bound to be one of the key topics on everyone’s mind at the upcoming Compliance Briefing: Malta conference.

Compliance Briefing: Malta lays out the financial consequences of GDPR breachesFailure to conform to the new regulations will result in a huge financial burden on small and large companies alike. The current Data Protection Act (DPA) details that a monetary penalty notice of up to £500,000 can be charged to organisations for serious breaches. This will increase dramatically in 2018 – forcing companies to reassess their data security to ensure that they are GDPR compliant.

DATA BREACHES
Companies could face fines of up to £20 million or 4% of their annual turnover (whichever is higher) – far greater than the current £500,000 fine. This will have significant impact all businesses selling goods and services into the EU. The poor track record for the prevention of data breaches suggests that organisations will be paying out as much as £122bn collectively, when considering the 2015 data breach levels.

SUPERVISORY AUTHORITIES
This statutory obligation could trigger the threat of insolvency or closure for businesses unable to cover the substantial fines. Supervisory Authorities (SA’s) will be supported by the law to take action against data controllers and processors who have incurred a data breach. They are authorized to issue the fines which are designed to be proportionate and dissuasive

COMPLIANCE BRIEFING: MALTA
Information found at Compliance Briefing: Malta on 27th June will help guide companies to prepare for the implementation of the GDPR, ensuring that the most effective framework is in place to help avoid a data beach. Preparing for the new policies will help companies avoid the potential risks. The groundwork should be laid now, so that the correct procedures are in place and staff are well educated on the policies, so that fines can be avoided at all costs.

Find out how to ensure that your company is fully prepared for the implementation of GDPR by attending Compliance Briefing: Malta on 27th June. For more information and to register you place, visit www.compliancebriefing.com

For more information:

igacademy.com | info@igacademy.com| +356 2277 9200

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