To safeguard sensitive information and ensure compliance, it is essential for organizations to be aware of key cybersecurity regulations and the penalties associated with non-compliance.
Take the 2018 General Data Protection Regulation (GDPR). This is a comprehensive data protection law that applies to all organizations handling the data of EU citizens.
It mandates stringent data protection measures, including obtaining explicit consent for data collection, ensuring data portability, and implementing robust security practices. Penalties for non-compliance can reach up to 4% of the organization’s annual global turnover or more than $20 million, whichever is higher. Additionally, organizations may face lawsuits from individuals whose data has been mishandled.
Another law, Health Insurance Portability and Accountability Act (HIPAA), is crucial for organizations handling healthcare data in the United States. It requires entities to implement administrative, physical, and technical safeguards to ensure the confidentiality, integrity, and security of protected health information (PHI).
Non-compliance penalties range from $100 to $50,000 per violation, with an annual maximum of $1.5 million. Severe violations may also result in criminal charges, including fines and imprisonment.
Another major cybersecurity law is called the California Consumer Privacy Act (CCPA). Effective 2020, the CCPA grants California residents enhanced privacy rights and control over their personal information.
Organizations must provide transparency in data collection and usage practices and allow consumers to opt out of data sales. Non-compliance can lead to civil penalties of up to $7,500 per intentional violation and $2,500 per unintentional violation.
The law also permits consumers to sue for data breaches, with statutory damages ranging from $100 to $750 per incident.
Want to learn more? Tonex offers a 5-day Cybersecurity Mini MBA Training Course that is an education program and career experience with key cybersecurity business and technology practices including technology, leadership, ethics, regulation and strategic marketing.
Tonex also offers several more Mini-MBA programs:
Mini-MBA in Business Management for Military and Veterans
Oil and Gas Transformation Mini MBA
For more information, questions, comments, contact us.