A recent report analyzes the $211 Million in data breach fines imposed on European Union organizations by the General Data Protection Regulation (GDPR).
These fines are issued under the failure to take appropriate steps to protect personal information from cyberattacks and other data-compromising. The United Kingdom and Italy account for nearly 60% of the total monetary value of fines levied under GDPR last year as multiple organizations in these countries failed to protect sensitive consumer data.
Italy ranked first with nearly $72 million in fines and the United Kingdom second with $54 million. Some of the largest fines were against an Italian telecommunication operator (TIM) for $33 million, and $27 million against British Airways. Although UK and Italy made up for most of the fines, the popular German retailer H&M has the honor of receiving the single largest fine at $43 million.
GDPR was implemented in the EU and greater European Economic Area over two years ago and the value of related fines has increased each year it has been in effect.
Hope lies within 2021 to be a better year and for organizations to take security breaches much more seriously with last year’s GDPR fines as a factor to keep in mind.