{"id":1233,"date":"2018-01-12T13:02:56","date_gmt":"2018-01-12T17:02:56","guid":{"rendered":"https:\/\/solutionsreview.com\/security-information-event-management\/?p=1233"},"modified":"2018-02-23T11:31:04","modified_gmt":"2018-02-23T15:31:04","slug":"numbers-gdpr-data-management-2","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/security-information-event-management\/numbers-gdpr-data-management-2\/","title":{"rendered":"By the Numbers: GDPR and Data Management"},"content":{"rendered":"<p style=\"text-align: justify\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2174\" src=\"https:\/\/solutionsreview.com\/identity-management\/files\/2018\/01\/GDPR-mod.jpg\" alt=\"by the numbers GDPR\" width=\"800\" height=\"400\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Some executives are looking at May 25, 2018 the same way they might look at an open tiger cage or the rushing wave of an approaching tsunami.<\/span><\/p>\n<p style=\"text-align: justify\">\u00a0<div class=\"widget\"><div class=\"aside-card\">\t\t\t<div class=\"textwidget\"><p><a href=\"https:\/\/solutionsreview.com\/security-information-event-management\/security-information-event-management-vendor-map\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-1682\" src=\"https:\/\/solutionsreview.com\/security-information-event-management\/files\/2020\/02\/SIEM_VM_SB.jpg\" alt=\"Download Link to SIEM Vendor Map\" width=\"800\" height=\"100\" \/><\/a><\/p>\n<\/div>\n\t\t<\/div><\/div><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">On that day The European Union (EU) will begin enforcing the General Data Protection Regulation (GDPR), fundamentally changing the way companies can legally store or process the personal information of European citizens: <\/span><b>approximately 510 million people<\/b><span style=\"font-weight: 400\">. Motivated by the desire to unify data privacy and collections laws throughout EU member states, GDPR applies to any business collecting data on EU citizens in EU member states. Crucially, this applies even to businesses who do not have a physical presence in the EU. <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">To many companies on both sides of the Atlantic, GDPR is poised to become a huge financial and public relations nightmare: <\/span><\/p>\n<p style=\"text-align: justify\"><b>20 million euros OR 4% of annual sales<\/b><span style=\"font-weight: 400\">\u2014the fine for failing to comply with GDPR (whichever is <\/span><b>more<\/b><span style=\"font-weight: 400\">). <\/span><\/p>\n<p style=\"text-align: justify\"><b>$23.5 million<\/b><span style=\"font-weight: 400\">\u2014the U.S. dollar equivalent of 20 million euros at time of writing. <\/span><\/p>\n<p style=\"text-align: justify\"><b>72 hours<\/b><span style=\"font-weight: 400\">\u2014the maximum length of time before a corporation must notify a regulator of a data breach, significantly shorter than most U.S laws. <\/span><\/p>\n<p style=\"text-align: justify\"><b>2%<\/b><span style=\"font-weight: 400\">\u2014of global revenue, the fine for failing to notify a regulator of a breach within 72 hours. <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Faced with such huge penalties enterprises, especially in the U.S., have become paralyzed: <\/span><\/p>\n<p style=\"text-align: justify\"><b>2\/3<\/b><span style=\"font-weight: 400\">\u2014of U.S. companies are reconsidering their European business strategies. <\/span><\/p>\n<p style=\"text-align: justify\"><b>61%<\/b><span style=\"font-weight: 400\">\u2014of U.S. businesses have not begun preparing for GDPR.<\/span><\/p>\n<p style=\"text-align: justify\"><b>50%<\/b><span style=\"font-weight: 400\">\u2014of U.S. businesses are estimated not to be in compliance with GDPR when it goes live. <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">U.S.companies may be nervous or outright terrified, but GDPR may be fulfilling a significant need in the online marketplace, which has been marked by eroding trust: <\/span><\/p>\n<p style=\"text-align: justify\"><b>67%<\/b><span style=\"font-weight: 400\">\u2014the percentage of respondents in Eurobarometer\u2019s 2015 survey expressing concern about their data privacy. <\/span><\/p>\n<p style=\"text-align: justify\"><b>68%<\/b><span style=\"font-weight: 400\">\u2014the percentage of respondents in Gigya\u2019s 2017 survey expressing concern about brand usage of their personal data. <\/span><\/p>\n<p style=\"text-align: justify\"><b>81%<\/b><span style=\"font-weight: 400\">\u2014percentage of American respondents in Deloitte\u2019s 2016 survey who felt they have lost control of their personal data to companies. <\/span><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Despite conflicting findings, millennials\u2014the generation beginning to truly dominate the digital world\u2014also appear to be clamoring for GDPR\u2019s consumer protections and a rebuilding of online trust: <\/span><\/p>\n<p style=\"text-align: justify\"><b>80%<\/b><span style=\"font-weight: 400\">\u2014the percentage of millenials who consider it important that their personal information only be shared with those they authorize, according to the Atomik Research 2015 survey. <\/span><\/p>\n<p style=\"text-align: justify\"><b>40%<\/b><span style=\"font-weight: 400\">\u2014the percentage of millenials willing to give a summary of their shopping habits for free products. <\/span><\/p>\n<p style=\"text-align: justify\"><b>54%<\/b><span style=\"font-weight: 400\">\u2014the percentage of millennials who believe that government failure to improve online security will further erode public trust in online goods and services. <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Some experts <\/span><a href=\"https:\/\/www.forbes.com\/sites\/forbestechcouncil\/2017\/12\/06\/if-gdpr-compliance-doesnt-start-with-information-governance-youll-probably-fail\/#22ae260b2e1e\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">state<\/span><\/a><span style=\"font-weight: 400\"> that Information Governance and Administration may help companies with their GDPR compliance; IGA solutions prevent unauthorized disclosures or alterations of data through monitoring user entitlements to databases. Other contend that more general<\/span><a href=\"https:\/\/solutionsreview.com\/identity-management\/top-7-iam-vendors-watch-2018\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> identity management<\/span><\/a><span style=\"font-weight: 400\"> tools can help with the lawful processes and privileged administrative controls should help. In either case, GDPR is a wake-up call for companies to look at the data they collect, who can see it, and how to best secure it for the future.<\/span><\/p>\n<p style=\"text-align: justify\">If you are feeling the pressure, and don&#8217;t know where to begin with compliance, you can check out the <a href=\"https:\/\/solutionsreview.com\/security-information-event-management\/gdpr-compliance-checklist\/\" target=\"_blank\" rel=\"noopener\">GDPR Compliance Checklist: A 9-Step Guide<\/a>, courtesy of AlienVault.<\/p>\n<p style=\"text-align: justify\"><br \/>Widget not in any sidebars<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some executives are looking at May 25, 2018 the same way they might look at an open tiger cage or the rushing wave of an approaching tsunami. \u00a0 On that day The European Union (EU) will begin enforcing the General Data Protection Regulation (GDPR), fundamentally changing the way companies can legally store or process the [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":1227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[551,1,3],"tags":[175,515,56,95,239,86,21,22],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>By the Numbers: GDPR and Data Management<\/title>\n<meta name=\"description\" content=\"GDPR will prove a cyberseucrity, identity management, and privileged data management conundrum for companies on both sides of the Atlantic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solutionsreview.com\/security-information-event-management\/numbers-gdpr-data-management-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"By the Numbers: GDPR and Data Management\" \/>\n<meta property=\"og:description\" content=\"GDPR will prove a cyberseucrity, identity management, and privileged data management conundrum for companies on both sides of the Atlantic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/solutionsreview.com\/security-information-event-management\/numbers-gdpr-data-management-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Best Information Security SIEM Tools, Software, Solutions &amp; 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