You probably have a full schedule as a startup. Your focus is on getting your firm off the ground; GDPR and cyber security news and laws may seem distracting. However, compliance with these rules is crucial, and your company should prioritise them.
GDPR and Cybersecurity: What’s The Offer?
The General Data Protection Regulation (GDPR) is a set of laws enacted by the European Union to safeguard citizens’ private information (EU). These rules help ensure that companies provide adequate security for customer information. If a company doesn’t follow the rules, it could be penalised up to 4% of its yearly global revenue, or €20 million ($23 million).
Cyber security measures should also protect users’ data. Because hackers are always looking for new entry points, companies must take appropriate precautions to safeguard their data. While each country has its own set of rules regarding cyber security, all organisations operating within the European Union (EU) must comply with the NISD (Network and Information Systems Directive). The National Industrial Security Program mandates that firms take preventative measures against cyberattacks and report significant security breaches to the proper authorities.
Although GDPR and cybersecurity compliance can be challenging and costly, entrepreneurs should prioritise these.
What are the GDPR and Cybersecurity Penalties for Startups?
Companies that fail to meet the requirements of GDPR can be penalised up to 4% of their annual global revenue, or €20 million ($23 million), while companies that fail to meet the requirements of cybersecurity legislation can be fined up to 10% of their annual global revenue, or €5 million ($5.8 million). As these penalties can be pretty costly, companies should make compliance a top priority.
If a company is attacked online, it could lose money and suffer reputation damage.
How Can Startups Comply with GDPR and Afford Cybersecurity?
Entrepreneurs can take low- or no-cost approaches to meet GDPR and other cybersecurity requirements.
● Develop and use cost-efficient strategies to improve cybersecurity. Through careful investigation, startups might discover various excellent and reasonably priced cybersecurity solutions.
● Make cyber safety a top priority. Cybersecurity is an area that should receive significant attention and funding from startups.
● Raise awareness among staff members about the importance of cybersecurity training. Workers need to be informed of the dangers of cybersecurity breaches and how to protect themselves from them. This can help lessen the likelihood of private information being compromised.
● Consider purchasing data backup and restoration tools. Companies of all sizes can benefit from data backup and recovery solutions in the event of a cyberattack.
● Conduct a data mapping and gap analysis under the General Data Protection Regulation (GDPR), and work with the data protection officer to develop and implement a plan to bring the organisation into compliance with the GDPR. Read on for more information about Here Are 5 Easy Ways to Get Ready for GDPR.
● It’s essential to be prepared for any emergency. An incident response strategy will help you respond quickly and efficiently to any cyberattack or data breach.
GDPR and Cybersecurity are Priorities for Startups
New businesses should priorities GDPR and cybersecurity compliance for several reasons:
● In addition to the financial cost, a startup’s good name could be at risk if it violates data protection and cybersecurity regulations.
● Keeping up with regulations like GDPR and cybersecurity can be time-consuming and expensive, but with the help of a trusted advisor, you can streamline the process and reduce costs.
● Preventing hackers from gaining access to consumer data requires strong cybersecurity measures.
● Companies of all sizes can benefit from the General Data Protection Regulation guidelines and related cybersecurity laws set forth.
● Startups may gain the trust of customers and investors by demonstrating their commitment to data privacy and security.
Startups that commit to data privacy and security by adhering to GDPR and implementing other cybersecurity measures will stand out from the crowd.
Contact us at the link below for a no-cost assessment. We will assess the state of data protection and cyber security news at your organisation and recommend the next measures toward compliance.
