So you think you’ll never suffer a data breach?
Welcome to the Cyber-Risk calculator
This Christmas, many companies will look back on 2018 as the year of GDPR. Maybe you think your company is too small to worry about the new data regulations. We’d suggest you take a look at the new Cyber-Risk Calculator and see why it would be wise not to be too complacent.
Do you sometimes reflect on the new data regulations that came into force in May and think to yourself, ‘What was all the fuss about?’ We’ve lost count of the number of times we hear businesses say, ‘Our business is too small for the regulators to worry about. They’re only interested in the big boys.’
Certainly, whether you choose to ignore the data-protection regulations is up to you. But, imagine you were prosecuted for committing or suffering a data breach. Wouldn’t it be helpful to know how much you’d be fined? To put it another way – how much of your bottom-line are you risking by ignoring the new regulations? Well, help is at hand!
It comes in the form of a free calculator, launched by Aon. It’s called the Cyber-Risk Calculator. It’s deceptively easy to use and what’s more, it’s free! You’ll find it here.
There are three simple steps.
Enter your company details - just 4 questions
Your annual turnover
Whether your organisation is part of a wider multi-national group
Whether you’re a data controller or a data processor
How many confidential data records you hold – how many are personally identifiable information, sensitive personal information or payment card information
The system then calculates two estimated penalties that you’d have to pay if you’re in breach.
The first is the potential fine you’d have to pay if you breach GDPR, for example, by sending unsolicited emails. This fine is calculated as 4% of your annual turnover. Alternatively, the fine could be as much as €20,000,000.
The second is the amount you could be fined if you suffer a cyber-breach and the data, you’re responsible for holding securely, enters the public domain.
Your Risk Assessment
For this step, you tick a series of boxes relating to how you obtain and store your data.
You’re given a risk grade (high, medium, low etc), along with an opportunity to download a copy of the risk assessment for your business. This report offers, not only your results, but a series of preventative steps you’re advised to take, namely –
How to safely store data, so as to minimise your exposure
Why you should devise a plan in case of a data breach
What you action you can take to prevent such a breach taking place
This is a tremendous tool. Beautifully simple. Whilst Aon is careful to warn that it doesn’t guarantee accuracy, the Cyber Risk Calculator is an excellent guide to making sure we all stay on the right side of compliance. We recommend it.
For advice on a wide range of tax, payroll, accounting, finance and trade matters, get in touch.
Call us on 020 3008 7822.
We’d love to hear from you. After all – we’re here to help.
This legal information is not the same as legal advice and you may not rely on our post as a recommendation of any particular legal understanding. Pease, consult an attorney if you’d like to get an advice on your interpretation of this article.