Generally, the term cybersecurity refers to any one of a number of security measures you can take to keep yourself safe online. Doing so can prevent any hackers from stealing your identity or causing havoc within your network. Hackers can also crash your company’s website, so you must watch out for that.
Whether you go with a managed cyber security service or you implement your own measures, you should know about certain regulations as a business owner. We will discuss some of those right now.
Network Security Regulation
This was designed to unify and strengthen data protection laws that already existed in Europe. It went into effect back in July of 2018.
Telecom service providers must follow this regulation. So, must internet service providers. Operators must have the necessary security measures in place to protect their data and customers.
Network Information Regulation
This framework is an additional part of the Network Security Regulation measure we just mentioned. It applies to telecom service providers, and it states that all information a telecom company collects must be guarded by the latest and most robust security features.
Any company that fails to do this can be fined up to $2 million Euros. The fine can also be 2% of that company’s worldwide gross annual turnover.
Consumer Rights Protection Regulation
This went into effect in May of 2018 in Europe. It applies to any company that collects, maintains, or processes personal data.
Companies must have adequate security to protect the customer data they collect. They must also expediently notify any customers if there has been a confirmed or suspected security
breach.
Consumer Privacy Protection Regulation
This went into effect at the same time as the Consumer Rights Regulation, and they are lumped in together. This measure stipulates that companies that maintain, collect, or process someone’s data must have security measures in place sufficient to block any hacker attacks.
Like the Consumer Rights Protection Regulation, the one protecting consumer privacy has language in it dictating that the customers must be notified whenever a breach or suspected breach takes place.
Fiduciary Data Protection Regulation
This regulation started in May of 2018. It involves any companies that offer financial services, such as investment firms, banks, etc.
This regulation protects customer data. That includes payment information, customer contractual information, and all customer identification data as well. Financial providers must have enough security so that customer data will be protected from any hacker attacks.
If you operate a business entity in any of the areas that we’ve mentioned, you should be aware of these regulations. You should note that some of these policies are only in place to hold businesses accountable that operate in Europe. There are additional ones that are in place for the United States.
In general, if you collect, utilize, or store customer data, you should do all you can to protect it. Doing so means you’re not just compliant. You’re also making yourself a more trustworthy entity that a customer will keep using year after year.
