Financial Crime World

Companies Must Act Swiftly After Data Breach, Experts Warn

In the wake of a recent data breach, experts are emphasizing the importance of swift action in response to such incidents. According to new guidelines, companies must be able to provide mechanisms to pseudonymize, encrypt and secure personal data within 72 hours of discovering the breach.

Data Breach Protocol

Notification and Response

In the event of a data breach, companies must notify the relevant authorities within 72 hours. They must also provide mechanisms for affected individuals to report incidents and ensure that all necessary actions are taken to prevent further breaches.

Transparency is Key

The protocol emphasizes the importance of transparency in responding to data breaches, with experts warning that failure to do so can result in reputational damage and legal action.

Audit Requirements

Conduct Regular Audits

As part of their compliance efforts, companies must conduct regular audits to assess their data protection measures. The audit checklist includes categories of personal data and data subjects, as well as the purposes for which personal data is collected and retained.

Companies must also list the legal basis for each processing purpose, including consent, contract and legal obligation. Special categories of personal data, such as health and genetic information, require specific legal bases for processing.

Retention Periods

Retention periods for each category of personal data must also be established, with experts emphasizing that data should not be retained longer than necessary considering the purpose for which it was collected.

Action Required to Ensure DPR Compliance

Identify Non-Compliant Activities

Companies must identify any actions required to ensure all personal data processing operations are compliant with the new guidelines. This may include deleting data that no longer serves a purpose or implementing additional security measures.

Consequences of Non-Compliance

Experts warn that failure to comply with these guidelines can result in severe consequences, including reputational damage and legal action. Companies are urged to take swift and decisive action to protect their customers’ personal data.