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<a href="/news/2016-ico-fines-would-be-79-times-higher-under-gdpr" title="2016 ICO fines would be 79 times higher under GDPR!">2016 ICO fines would be 79 times higher under GDPR!</a>
Posted on: 28 Apr 2017 

Posted By: ITWiser Webmaster

2016 ICO fines would be 79 times higher under GDPR!

 
 
According to an analysis by the NCC Group, the fines from the ICO against companies in Britain last year would have been £69m rather than £880,500 if the pending GDPR regulation had been applied. The penalties that were handed out during 2015 would have also risen dramatically from £1m to £35m. 

Currently the ICO can apply fines upto £500,000 for breaches of the Data Protection Act 1998.  However once GDPR comes into force on 25th May 2018 there will be a 2 tier sanction regime. Minor incidents and penalties arising from random inspections can be subject to a maximum of 10million Euros or 2% of the organisations global turnover, whichever is higher, major incidents could result in fines upto 20million Euros or 4% of the organisations global turnover, whichever is higher. 

Do you want to risk breaching this new regulation? Start making preparations now and help your business keep its doors open. Once the new regulation comes in a lot of businesses won’t be able to pay the fines if they breach the regulation, and could face closing the doors for good.

ITWiser offer a wide range of services and solutions that can help get you ready for this new regulation. ITWiser are a Cyber Essentials Certification Body and an IASME Assessor through IASME, we are one of only a few companies in the north to have gained this accreditation. If you need help checking your compliant then get in touch today.

 
The Register