The total amount of fines due to data protection breaches under the reached unprecedented levels in 2022. According to the annual report by international law firm DLA Piper, the balance of fines increased by 50 percent, even though the number of data breaches that came to light slightly decreased. A total of €1.64 billion in fines was imposed, €500 million more than the previous year. The increase is attributed to stricter enforcement of data privacy violations by the authorities. The top fined company was Meta (formerly Facebook), which was fined €210 million. It is suspected that the total amount of fines could be even higher, as not all state data protection authorities provided detailed information. (Source: DSB Ratgeber, May 15, 2023)
Compliance with the GDPR is critical as it ensures the protection of EU citizens' personal data and increases consumer trust in businesses. Non-compliance can result in significant fines that can jeopardize the financial well-being of businesses.
To protect themselves from large fines, companies should take appropriate steps. These include implementing robust data protection policies and procedures, regularly training employees on data protection, conducting data protection audits and working with data protection experts or data protection officers. Companies should also ensure that they have appropriate technical and organizational measures in place to ensure the security and integrity of data.
In addition, it is important to promptly report data breaches and take appropriate remedial action to minimize harm to data subjects. Proactive and transparent approach to data protection issues can help gain the trust of customers and authorities and reduce the risk of fines.
Overall, compliance with the GDPR is an essential part of running a business in today's digital world. By taking the necessary steps to comply with data protection requirements, companies can not only avoid fines, but also gain consumer trust and achieve long-term success.
https://www.lantech.eu/...
Compliance with the GDPR is critical as it ensures the protection of EU citizens' personal data and increases consumer trust in businesses. Non-compliance can result in significant fines that can jeopardize the financial well-being of businesses.
To protect themselves from large fines, companies should take appropriate steps. These include implementing robust data protection policies and procedures, regularly training employees on data protection, conducting data protection audits and working with data protection experts or data protection officers. Companies should also ensure that they have appropriate technical and organizational measures in place to ensure the security and integrity of data.
In addition, it is important to promptly report data breaches and take appropriate remedial action to minimize harm to data subjects. Proactive and transparent approach to data protection issues can help gain the trust of customers and authorities and reduce the risk of fines.
Overall, compliance with the GDPR is an essential part of running a business in today's digital world. By taking the necessary steps to comply with data protection requirements, companies can not only avoid fines, but also gain consumer trust and achieve long-term success.
https://www.lantech.eu/...
