Tuesday, February 25, 2020

Data Privacy Fines Reach $126 Million

It’s been just over a year and a half since GDPR’s implementation, and the fines are starting to add up. According to the latest report, the expansive data privacy regulation has levied $126 million in penalties on companies throughout Europe. To some, the fines are relatively modest, a reminder that regulatory oversight can be slow to impact businesses’ bottom lines. However, others see the figure as an ominous reminder that data privacy failures won’t come without consequences. 

At the same time, Europe isn’t the only place imposing financial penalties on companies that can’t protect customer data. California's Consumer Privacy Act and New York’s SHIELD Act both carry monetary penalties. In 2020, it’s clear that regulation is going to become more normative, not less, and businesses need to prepare. Contact ID Agent today to improve your defensive posture and avoid regulatory fines resulting from a breach.


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