Some CIOs are reticent to rely on the cloud. The high cost of a data loss means executives decide to keep information within the enterprise firewall. However, a change in stance is taking place – and many business leaders recognise the cloud is actually a better way to keep information safe and lawmakers in check.
CIOs in all territories face a tranche of data rules. Businesses are currently preparing for another change in legislation. The European Union’s General Data Protection Regulation (GDPR) is due to come into force on 25 May 2018 and will see companies fined up to 4 per cent of their global turnover for breaches.
GDPR will require a serious step up in security policies and procedures. The potential costs, both in terms of financial and reputational damage, could leave executives out of pocket, out of a job – or even more seriously – in jail.
However, evidence suggests a wake up call is required. Research from insurance specialist Lloyd’s suggests 92 per cent of companies have suffered a data breach in the past five years. Executives must react and take a proactive approach to information security.
More of the ZDNet post from Mark Samuels