From: finextra
Businesses in the UK could face up to £122 billion in regulatory penalties for cybersecurity breaches when new EU legislation comes into effect in 2018, says the PCI Security Standards Council (PCI SSC).
In two years new EU legislation will set regulatory fines at four per cent of global turnover, up to EUR20 million, up from the current £500,000.
Government figures show that 90% of large organisations and 74% of SMEs in the UK reported suffering a security breach last year, leading to an estimated total of £1.4 billion in regulatory fines.
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