Companies benefit from 19 months to align with the data security rules

Hi-Tech Silvia Meyer
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If in the 80s, the main purpose of the cyber-attacks was gaining notoriety. Now, their sophistication has increased significantly, through manipulation of the share price on the stock, bank cards and identity theft related to reaching espionage.

EY study on cyber security (Global Information Security Survey 2015) shows that most companies are not satisfied with the way they are protected from cyber-attacks. 88% of respondents believe that information security is not fully meeting the needs of organizations for which they work. 36% of them say it’s very unlikely to detect a sophisticated cyber-attack. More than half (54%) of the companies have an employee or department to handle emerging technologies and their impact.

‘Currently, cybersecurity is not just a simple ‘IT problem’, but also a competitive advantage. For most of the global companies, this entered the Top 3 priorities. Usual activities, such as product launches, mergers and acquisitions, market expansion, all have a digital dimension. Which means that a possible cyber-attack can cause financial loss, besides exposure to data protection customers and damage the reputation of a company,’ said Carmen Adamescu, Partner of EY Romania.

To respond to security threats the EU citizens and companies, in 2012 the European Commission presented a package of legislation on reform of EU rules on data protection, designed to adapt to the digital age of Europe. A reform package was adopted by the Parliament on April 14, 2016 and includes two tools: General Data Protection Regulation (GDPR) and the Directive on data protection for police and criminal justice sectors.

General Data Protection Regulation will enable citizens to exercise greater control over their personal data. According to a Eurobarometer survey, two-thirds of Europeans (67%) said they are worried about the fact they do not have full control over the information they provide online.