What do Brussels and Albany have in common? The answer is Albany, but where’s that? you’re probably asking. It’s a sleepy city that poses as the capital of New York State. Kind of like Brussels, which poses as the capital of Europe. Well, they now have something else in common. Both capitals have jumped the line to be at the vanguard of cyber regulation.
The General Data Protection Regulation, commonly referred to as GDPR, is getting a lot of attention. It affects all industries and all companies globally who want to do any business in Europe. This regulation has been on people’s minds for years, a long buildup, with very little in there to surprise us. It is to be enforced starting in May 2018. And it’s got some teeth. Not a mere couple million dollar fine – the fines are scores of millions of dollars all the way up to 4% of revenues! Ouch. That gets my attention. It’s not just the defects that are in the nine digits, but the regulatory penalties too.