It has been a monumental year for the ICO which has seen its largest fines issued to companies who have compromised their working responsibility in the way in which they process data including private customer information.
British Airways, Marriot Hotels, Experian and most recently Ticketmaster, have all become casualties of strict ICO legislation which has forced them to pay millions of pounds in compensation, due to data breaches of customer information. Although each company fought hard to defend their cases. Through its own findings, the ICO found that the processing personal data of millions of people had infringed data protection law and furthermore required the companies to take steps to change their practices.
ICO enforcing heavy fines on breaches of Customer Information
This comes at a time when globally, the UK is recognised for giving out the heftiest of fines following a data breach, amounting to a total of €344 million, compared to other European countries such as Germany in second place at €61.6million. Currently, the ICO can issue a fine to companies who are seen to breach GDPR legislation. The maximum fine is approximately £18 million or 4% of annual global turnover; whichever is seen to be greater for infringing legislation. According to itgovernence.co.uk, other issuing warnings and reprimands may include:
- Imposing a temporary or permanent ban on data processing
- Ordering the rectification, restriction, or erasure of data; and
- Suspending data transfers to third countries.
For further information on protecting your customer information against an inevitable data breach, please speak to our team at Crendon Insurance. We provide the right GDPR data protection tools to companies so that they can protect their businesses when accessing, updating, and storing customer information safely. By using liability cover such as data protection insurance, cyber security insurance and IT insurance, businesses have peace of mind that they are operating safely under GDPR legislation.
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