Here’s a set of privacy statistics to send shivers down the spine of even the most risk-tolerant of CEOs.
… is a monstrous amount, even to a multi-billion-pound business like Amazon. And the accompanying regulatory mauling can’t have been any less painful for the fact this GDPR fine could have been avoided … if the correct privacy practices were in place.
4 per cent
Your business may not be an Amazon-like titan of the deep, but your revenues could be cut by the same proportion if your privacy practices are found wanting. The ghoulish 4% figure looms large for any UK or EU business caught out on privacy — they stand to pay a fine of up to four percent of worldwide turnover or £17.5m, whichever one is higher.
100 per cent….
… of the frighteningly-acronymed ‘FAANGs’ have already been fined for privacy misdemeanours. If the hotshot lawyers of Facebook (Meta), Apple, Amazon, Netflix and Google (FAANG) can’t ward off regulatory repercussions, what chance do you have if you’re taking your chances by handling personal data poorly?
Lurking in the shadows of the recently-announced intention to fine TikTok was the news that the Information Commissioner has another 50+ online services in his sights and 6 active investigations. Are you confident your organisation isn’t one of those?
Hiding behind the sofa won’t ward off the danger of data breaches… which cost an average of $4.35million according to IBM. And with human error a factor in 90% of breaches, are you sure that all your people know how to safeguard private information?
Do you feel safe and certain on your privacy practices? Or do you live in fear of a breach, an ICO complaint, or a public outcry over the way you monetise information? Be safe, not sorry this Halloween.